Recession or not, pain widespread

[flashl]

Economists and politicians can debate all they want about whether the nation is sliding into its first recession in nearly seven years...

Whether an actual recession is on the way — or already here — U.S. consumers and businesses are being increasingly squeezed by a downturn that threatens to spread the pain being felt from the gas pump to the unemployment line.

The official designation often comes long after the recession itself begins. Experts note that the point at which the "R-word" is triggered is mostly an academic debate.

"That's not going to make a great deal of difference to people's economic well-being or their pocketbooks," said Frank Lichtenberg, professor of business, finance and economics at Columbia Business School in New York.

"The idea that if you're on one side of the line you're in a recession and if you're on the other side you're fine — that's not really the case," he added. "Clearly, we are in a very difficult period."

Chron

[Hydra]

1. The "r" word?

I think we are well on our way to the "d" word- assuming we aren't there yet.

[Warpy]

2. If we do hit the "d" word, it will likely be such a slow slide into it

that it will be recognized only in retrospect.

The truth is that if you're in the bottom 80% of wage earners, you've been mired in the "r" word for the past 7 years. That is unlikely to be recognized for quite some time, but it eventually will be should this country be restored to any semblance of fiscal sanity.

[Hydra]

3. Thats what worries me

In retrospect, it's obvious that the economy is screwed- the only growth industries are "defense," "health" and prisons.

Most people don't get it because they can borrow. The don't OWN their house, or their car, or even many of their toys.

That's not the sign of a strong economy.

[leftofthedial]

5. the real "r" word here is "repuke"

it's their doing


bastards

[phantom power]

4. The cheerleaders will just keep inventing new things to measure...

that "prove" we're not in a recession.

They really are true Orwellians. They define vocabulary, measurements, etc, as whatever they need to be to support their desired conclusions.

Price of food and fuel skyrocketting? No problem! Those "don't count" in our inflation measures!