Uh, I am probably going to regret saying this, but technically George Bush is right.

The economic definition of a recession is two quarters of negative growth.

Just because they've changed what counts as "growth" doesn't mean we've grown. We've had more than two quarters of real wages lost, and of overall stock market reductions.

The housing/debt crisis has encouraged me to save a little more and work a little more. The formal rules for a recession are kind of academic. They are interesting but less so than, say, if your company still needs to specifically keep paying you.

FWIW, I call this as a recession (by my definition) and consider it likely that it will meet the academic definition before too long.

George might think that too ... given his specific statement in the "now."

Sometimes 'recession' can be a self fulfilling prophecy. The mention of it can cause people to scale back resulting in less stuff bought and $$ spent and put into the economy. Decision makers at healthy companies can be like ... hey we're in a recession, let's not hire right now ... or trim staff 'in anticipation' of worse things to come.

A strong force at work is the housing situation. High oil prices haven't completely had their effects felt. If credit card debt starts defaulting at higher rates and more standard mortgages (not ARMs) get into trouble we will be in for it. Those would be lagging signs.

Economies expand and contract, and they do it according to many different things. Triple Phd soothsayers really can't get a handle on it.

If Americans stopped buying stuff we don't need and stop the wretched excess, there will be a decent macro economic adjustment. If everyone bought clothes the way I did... even China would go out of business!

As far as the survey goes -

x-- I'll keep buying as little as possible and keep trying to make do with what I got.

Good Luck!

vsk

Come on, TreeHugger! I don't see an option for "I'm already very frugal, so it's not possible to make lots of spending cutbacks."

We are not in a recession, yet, the popular medai is going to create one however. Why, to get the Republicans out of the Whitehouse, Strange I don't have a problem with it.

We have been in a recession in real terms (as opposed to strictly monetary) for the past 6 years.

http://www.rprogress.org/sustainability_indicators/genuine_progress_indicator.htm

I agree with Craig- I already spend as little as possible, so how can I cut back any more?

Plus, even though I'm American I don't live in the US, so the only way it affects me is a better exchange rate when I send a wire transfer to pay my bills.

I'll be out of money from medical bills long before I need to worry about global warming, food shortages, or other TH issues. :(

-Lego