Is the US in a recession?

[NNN0LHI]

I never hear that word mentioned anywhere by anyone.

Is the US officially in a recession or not?

Anyone know?

Don

[gateley]

1. Not to be glib, but I don't care what is 'official' and what is not. I'm personally

in a deep, deep, recession/depression, as are millions of other Americans.

The administration can call it whatever it wants, but the American people are hurting.

[phantom power]

2. By any pragmatic definition, I would say "fuck yes."

BushCo is doing an energetic tap-dance with GDP statistics to avoid having to use the word, but none of it passes the smell test.

[RobofSWVA]

3. I don't care what they call it

as long as we can agree there is a lot of stuff that sucks about the economic outlook right now. We might have some of the best workers in the world but that won't matter if the global market causes what few companies we have left to go completely overseas. We can’ t work hard if there is no work to do.

[glowing]

4. I'd say yes.. Bush is fudging the numbers so it doesn't appear as bad..

AND oil and other commodities have propped up some of the market.. (price of milk and eggs and all that other essential to live items are making money). Reality is real wages have plummeted and jobs are on a loss... Those that do find a job are taking "less" of a job.. Those good paying manufacturing jobs are lost to Walmart greeter jobs (no bennies, cheap pay, and no union).

[cali]

5. No. It's not officially in a recession.

Incredible as that seems.

[Clear Blue Sky]

7. Economic definition is 2 consecutive quarters of negative GDP growth.

Last quarter GDP up 3% so the answer is no.

I can still feel quite sick though even if my vital signs and blood work are normal.

[whistle]

6. The official Big Lie says NO, but look around and you would have to be blind

...and in total denial to suggest that our economic fundamentals are sound and robust as McCain/Bush want us to believe.

The U.S. and for that matter the world has long gone by being in recession, we are now heading into economical and financial meltdown not seen since the middle ages.

[Javaman]

8. it's like this...

the country is, but the media and the government aren't.

[Subdivisions]

9. As of this week, more like a depression. As in the Great Depression. n/t

[cleveramerican]

10. you must be a whiner.

as the Mcain Campaign would say.

[MadHound]

11. By the official numbers no,

By all the other indicators yes, we are, and have been for awhile now. The official numbers on growth, hell the official numbers concerning the economy period are so much smoke and mirrors. For instance they reported last month that consumer spending for July was up a couple of points, this month they "revised" that number which now shows that consumer spending actually went down a tenth.

The official numbers have been massaged and manipulated for years and decades now for political purposes. Don't trust them. Rather, look at the other indicators, use your own commons sense and intelligence and come to your own conclusion.

[Double T]

12. No. The US is in a serious depression with no bottom in sight.

The rest of the world is/will follow our economic failure.

[spanone]

13. d e p r e s s i o n

[On the Road]

14. It's Not Officially a Recession

although a more accurate measurement of inflation would probably make it official.

[Captiosus]

15. Sick of people pointing to GDP and agreeing with BushCo.

The official agency in charge of declaring that the economy is in a state of recession is the National Bureau of Economic Research (NBER). NBER's definition of recession is defined as a "significant decline in economic activity lasting more than a few months".

GDP is only part of the equation.

Consumer confidence is low.
Stock market is dropping like a rock.
Wages are flatlining while prices of both durable and consumable goods are spiking.
Layoffs are happening across almost all sectors.

Political spinmasters can try to spin however they want, but this is a recession. The scariest thing is we are a long way from hitting rock bottom as today's events are showing with the AIG bailout completely shaking all confidence in the market. Morgan Stanley, unless something big happens in the second half of trading today, looks to lose 50% or more of its value today.

[AllieB]

16. My right wing news station in Boston (WBZ) said that this is the worst economic downturn

since the great Depression. They usually never say anything critical of the Bush economy.

[madrchsod]

17. if the true numbers were released-recession...