The economy grew at an annual rate of 4% in the second quarter according to the Bureau of Economic Analysis. The government upwardly revised its GDP reading for the first quarter, from negative 2.9% to negative 2.1%, but revised 2011-2013 growth lower, from 2.2% to 2%.

Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, says the economy would have to grow 5% each quarter to signify a recovery. He argues that the U.S. has been in a recession for the entirety of the Obama presidency (the National Bureau of Economic Research officially declared the end of the U.S. recession in June of 2009). Schiff believes the Federal Reserve should reverse its decision to stop buying bonds and print more money to goose investments by major corporations and ultimately output.

Related: Why focusing on the Fed is foolish: Jeff Macke

"People are losing their full-time jobs, housing is terrible, the price of food and utilities are rising," he tells Yahoo Finance Tuesday afternoon. "The economy is rolling over and the euphoric effects of cheap money are wearing off."

Related: Why the economy is worse than you think

Few economists are warning of a recession though concerns that the economy has cooled off have become more prevalent after recent weak housing data and the first-quarter negative GDP report. Job growth has certainly picked up -- employers added 288,000 jobs in June and the unemployment rate dropped to 6.1%. Job growth has averaged 272,000 per month over the last three months.

Related: Home price growth is slowing: Here’s why

Schiff remains unconvinced that the economy will rebound from its recent doldrums.

"The economy is not recovering the way the Fed believes it is and all [Fed Chair Janet Yellen] can do is buy more bonds, buy more mortgages, and print more money," he says. "This will help in the short run but undermine the economy in the long run."

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