So are we in a recession or not?
One minute the headlines say we're zooming towards a recession, the next minute economic surveys say we're actually OK. What's going on? Tess Vigeland talks to economists Diane Swonk and Michael Englund.
Recession highway sign (iStockPhoto)
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From Greenfield, DE, 01/23/2009
By F P
From Boston, MA, 11/13/2008
Go back to England, Ireland, or wherever else you came from. History tells us that only Native Americans were found on this soil!
in response to this comment:
I came from another country but I have degree and I work in the lab and pay taxes. maybe you do not have a job,lazy or you defend on gov. aid....
From Kansas City, MO, 12/13/2008
Who's to blame? Highly paid, high position of authority, trusted by others to make the right decision, High profile job, plenty of assets, many influential friends, can make lousy decisions and still be highly compensated while their area responsibility goes broke. Only those who are high on the corporate ladder and politicians do it over and over and get away with it.
From TX, 12/08/2008
It is sad to see the lack of oversight, in these government endorsed businesses; encouraged by skewed policy; preyed upon by get-rich-quickers, and neglected, in favor of watery-eyed hopes that the bull would never stop: the false promise of equity.
Indeed, this is a systemic failure, propagated by underhanded deals; a flighty and depressed public, with more speculation than anyone could ever shake a stick at
"It is recession when your neighbor loses their job, and depression when you lose yours."
Mr. Litwin has quite a point
From mn, MN, 11/15/2008
american citicens are the ones who get welare not illegals, the problem in this country are the republicans,and you gay have a lot of credit cards stop dreaming and pay all of it with cash
From Boston, MA, 11/13/2008
Go back to England, Ireland, or wherever else you came from. History tells us that only Native Americans were found on this soil!
From Rattan, OK, 11/09/2008
First of all lets look at who got us into this mess to begin with. Our Government and their greed. Did you know that the President makes $400k a year with benefits for a lifetime, and our Representative and Senators make approx $188k a year with benefitsfor a lifetime. They get their annual cost of living increase automatically every year unless they decline it. Now stop and think. If the country goes into a recession or depression do you think they have to worry about losing their job, their home, their savings. Think again.And the funny thing is that they got all this by voting it for themselves. The american people had no say so.Our founding fathers would roll over in their graves if they saw what America has become today. We are right back in the same saddle that we ran from when we came to America to begin with. We are over taxed, people can make a living off the welfare system and never lift a finger towards the effort, Welfare has become a lifestyle, Employers don't value their employees, Employees inturn have poor work ethics because they are viewed as disposable, If you want to get rich quick - sue somebody, and if you don't feel like paying your bills just file bankruptcy, let everyone else cover it.
What needs to happen is that the American people need to take their country back. Government officials should not have life time benefits if the job ends then so does the paycheck just like everyone else. No rules or laws should be allowed to pass without the voice of the people. Send illegals home period. Force Big corporations to bring the jobs back home where they belong. Stop rewarding those too lazy to work.
America needs to wake up, get educated and put forth the hard work necessary to turn "Our country and future around"
11/03/2008
Are we in a recession? What kind of a stupid question is that? Watch the news...it's quite obvious that our economy is going downhill...
From Meridian, MS, 10/25/2008
Absolutely. I completely agree with your comments. It's time we clean house and commit to returning to the basics: live simple, eat to live (not the reverse) and the Gucci bags,ferrari and hollywood money can go towards investing in crop shortage, cleaning our air and water supply. Too drastic - no way - look where we are today!
From McKinney, TX, 10/24/2008
We are in a recession because recession is a natural part of the economic life cycle our species has implemented for this planet. At some point, we have to pay to bill.
Nothing is free in life, but most people in the west still think that they are entitled to get more from the universe than they give; hence, the stock market phenomenon. Every Joe plays the market, now, with some high hopes of cashing in early and putting the struggle of life behind him forever. It's a lovely dream, but impractical as the backbone of a world economy. Somewhere, somehow, someone has to pay, someone has to actually do the work.
It's similar to those pyramid scams that swept through the Americans in the 1980s. If you got in and out early, you scored. The late comers ended up footing the bill for the few early winners.
The stock market is a glorified pyramid scam, as is the industry of credit.
Solution: Stop expecting to stop working. You're going to work until you can no longer get out of bed. Save money when you can, real money, stop buying needless crap, stop feeding an excess-consumption-based economy that relies on your over consumption simply to exist. You fat and unnecessary toys keep the current dysfunctional economy alive.
Instead, eat less, walk more, be grateful for whatever possessions you have, stop feeding the illusion with your compulsions for more and more and more. It's sickening, and we're all to blame.
From Pittsburgh, PA, 10/24/2008
I understand the importance of living within your means. I am a 28 year old woman, with a college degree, and a "corporate" job, at a respectable company. I drive a compact sedan, am married to a hard-working mechanic, with no children. I still am STRUGGLING to pay for my mortgage, and additional bills. To look at me, I own nothing. All I have is my husband, my dog and a food on the table at the end of the day. I did not run myself into debt in credit I couldn't afford back, BUT I am feeling the crunch! Minimum wage is CATCHING UP to my wage, and my husbands wages....and we were told when we were younger if we went and got "an education" we would be "better off", I'm on the low end of middle class. We ARE in a recession. You have high rollers (upper class), hard workers just getting by (middle class) and freeloaders on welfare that don't work and surprisingly have MORE than I do in the way of possessions, nicer cars, free brand name food, free housing, free transportation.....I believe that this is part of the reason our country is in such bad shape, some people just refuse to work, and live off of hard working peoples wages in tax monies and welfare. It's not fair, and it doesn't appear that it will EVER change. And, I will continue to work as hard as I can, because I know that millions of illegal aliens and welfare recipients are counting on me!!!
From VA, 10/23/2008
WoW, what was the topic? Are we in a recession? Well, I must conclude that we are in recession due to unemployment, job loss, investment loss in the financial sector, the housing ignorance, artificial fuel price inflation, and rising prices in cnsumables caused by it all. And o yea, The Africa comment, most of them have never been there so how can they go back?
From Melbourne, FL, 10/19/2008
You young whippersnappers squawking about how bad the economy is crack me up..lol. Listen sonny, or whatever, back in 76 when the great liberal democrat Jimmie Carter (Who sounds a lot like Barak Obama when he talks about the economy.)was president, we had a real recession. Not this little bump in the road. Interest rates climbed to 22% and inflation was at 13%. Unemployment was through the roof. But thanks to Ronald Reagan we pulled through. We will pull through again, even if that communist Obama gets in, we will pull through. America is the greatest nation on earth and we are still number one and always will be.
From Roanoke, VA, 10/15/2008
Does anyone remember the tragic event on the titanic. The porters were telling the passengers just after impact to go back to bed sound familar?how about all the people loosing life savings,retirement funds,college funds.I run a small business and no one bails me out.we are all in this boat together)It makes me sad to hear that the divorce rate is on the climb you can replace money you cannot replace a good spouse how bout the kids.common sense isnt common,sometimes the hardest problems we face have the simpliest solutions.
From WI, 10/15/2008
When is this society going to take accountability for their actions? It is not just the mortgage companies and lending institutions that are responsible for what has gone wrong with the economy, it is also the individuals who chose to sign on the dotted line. People should educate themselves, read before signing, and stop trying to live beyond their means. The U.S. has become a pass the buck society, and it needs to stop. It does not matter who is in office if the Senate and Congress can't get their acts together. Whomever is put into the office of President needs to have integrity, a strong backbone, and the intelligence to do what is best for the country as a whole regardless of what 'side' supports or doesn't support it (I'm getting fed up with this, basically, two party system we have currently). I also think we need to clean house on some of these politician lifer's - and limit their terms or maybe we should start grading them on their performance and attendance on issues? The attacks on the twin towers did not lead us to the economic crisis we now are in, our esteemed President and other leaders did. What impacted us was the desire of our leader and others to start a conflict that had absolutely NOTHING to do with the twin towers instead of focusing their attentions where they needed to be, at home.
From San Ramon, CA, 10/15/2008
I agree with Ryan K from NJ: Welfare money should not be wasted on the poor at a time when the rich need our welfare funds so much more.
From NY, 10/14/2008
People voting for McCain don't realize how brain washed they are and Sarah Palin, i think we all know her for vice president America is heading into depression. Obama will jump start the economy and Joe Biden will help along. Voting for Obama means a country made, destroyed, and rebuilt. We need to make a difference now and not when its to late. VOTE OBAMA AND YOU'LL HAVE NO REGRETS
From hamilton, NJ, 10/10/2008
For everyone who was dragged from Africa that was a bad thing, But no one is making them stay so if they want to go back to Africa go ahead. And for all the people that are homeless on welfare that is mainly because they don't want to work. Why should the government pay for people to live if they do not want to work
From sacramento, CA, 10/09/2008
The companies that are being bailed out by the government;AIG, WAST.MUTUAL, ETC.
The general public/people SHOULD also get a break by not having to make a payment or get a better interest rate or some type of a waiver.
From newark, NJ, 10/08/2008
WHO CARE ABOUT THE RECESSION IF THATS WHAT YOU WANT TO CALL IT. BUT THERE ARE MORE MATTERS THAT NEED TO BE BROUGHT TO THE TABLE SUCH AS WHY IS THE GOVERNMENT TRYING TO LEND A HAND TO THESE MAJOR COMPANIES AND THERE ARE STILL CITIZENS THAT ARE HOMELESS, ON WELFARE, STARVING AND STILL LIVING IN POVERTY. THIS IS SICK, WHILE THE SO-CALLED MAJOR LEAGUES ARE BUYING JETS, 4 MANSION WITH ONLY 2 CHILDREN AND 18 BEDROOMS AND ADOPTING KIDS FROM AFRICA. WHAT ABOUT THOSE THAT WERE DRAGGED FROM AFRICA?? HOW CAN AMERICANS LIVE LIKE THIS COMFORTABLY. BUT YA'LL HAVE IT SET UP WHERE WE'RE NOT PHYSICALLY ENSLAVED BUT WE'RE SO BACKWARDS AS A.A THAT WE LET YA'LL ENSLAVE US MENTALLY WHICH IS HONESTLY ULTIMATE, AND THAT'S BECAUSE OF THE EMPTY PROMISES YA'LL PROMISED US WHICH HAS EVERYONE IN THEIR PREDICTMENT THAT THEIR IN NOW. SO I DONT WANT TO HEAR ABOUT NO RECESSION OR NO BAIL-OUT LETS GET TO THE SURFACE MATTER..
From lancaster, OH, 10/05/2008
Wake up Americans and see the writing on the wall. We have enjoyed hearing for years that we are the biggest and the best at everything we do. This has been true for so long, but the erosion of our system has happened right in front of us and to us all. I don't understand true economics but we need to have leadership, values and truth. We need the mind set that we as a nation are all in this together regardless of race status and education. We all need the same basic elements to live. I wish that our government and decision makers in our companies would put us first as a country and a people and quit trying to capitalize on any and all situations.
From Rogersville, AL, 10/04/2008
The time of the middle class man is coming to an end. Soon there will only be the rich and the poor. The last resource to go is electricity and crime skyrockets. The way of the gun will fall upon us. Chance favors the prepared mind.
From des moines, IA, 10/04/2008
we have created a nation where people feel a certain degree of entitlement. There's no conservation, saving or restraint. Marketing guru's have us believing that we deserve it all, when in reality we don't. Unless we buckle-down, pull ourselves up by the bootstraps and put down the individuals we have entrusted to represent us in government, who saw fit to set aside a resounding cry to oppose the bailout we will continue to be trampled upon while our constitution gets shredded. Anyone who voted in favor of this bailout needs to be ousted from office and made a spectacle of in my opinion. Ron Paul was absolutely right in that the system needed to work through and adjust by itself, without intervention of the Federal Government. So now, turn you sites toward the November election and get rid of the people who clearly did not listen, nor did they do their due diligence with regard to oversight. Oh, and lets face it, we are in a recession.
From OH, 10/01/2008
It seems like the first order of business is to do a better job of regulating. Why do we think that after all of this time getting into our current situation, we have to bail out the financial institutions immediately?
From Poughkeepsie, NY, 09/23/2008
This story is so scary! (1) We teach children to expect consequences for their actions. Why don't Wall Street execs expect consequences for their actions? (2) What if we take on all the junk from Wall Street and they go back to the same actions that started this? Why shouldn't the American people demand that we take some of the good investments to balance the junk? (3) Why doesn't President Bush believe in the free market economy when the fat cats are crying? He always preached free market when the pharmaceuticals wanted protection from imports . . .
From burbank, CA, 09/22/2008
I believe that our current recession, and yes I do believe this is a recession, is due to the fact that us Americans have created this superficial "rich" look and now we are facing the reality of it. Too many people are spending their money on cars, luxuries, and things they cannot really afford. It gets worse because our loan givers, credit card agencies, just give money away so easily, making it easy for the people to spend money on just whatever. If we want to stop this recession, then everybody has to actively be wise in their spending and consider future rewards just as often as immediate ones.
From Wichita, KS, 09/22/2008
My family is poor.
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