Funny how the Dem backers blame the recession on Bush when it appears we may not even go into a recession, but don't acknowledge that it was the Clinton admin that huffed and puffed the tech bubble that blew up just after Bush took over.

Tim

And, don't forget the hell Dubya took for simply stating the economy needed watching, the Democrats accused him of "talking down the economy".

In fact, the economy needed watching, it was set to blow.

The biggest sad sack of all was Jimmy Carter. He could really make the American citizens feel like crap, what with his America last leanings.

Rick

The predicate to the view that we are not in "recession" is that one accepts the government's macro-statistics at face value.

I do not.  Each succeeding Administration has become more adept at tweaking the calculation of statistics to make things seem better than reality. (e.g. GDP continuing to grow, yet inflation under control). 

Consider as "Exhibit A"  today's release of the CPI in which, the govt reports that energy prices were flat in April.     Flat energy prices.  Sure.  That's a laugh.

If I recall (however vaguely) when calculating GDP growth stats, the govt tallies spending from one period to the next, then deflates/discounts the increase by the amount of inflation, thereby arriving at "real" GDP.   So if spending rises 3%, but reported inflation is only 1%, GDP real growth is 2%.     The problem is that inflation continues to be massively UNDERcounted by the Govt.   For most folks living in the real world,  that 3% rise in spending (as an example) has been met by 5% or 7% inflation -- meaning a drop in real purchasing power and income.

I maintain we are in a recession:  but Big Brother simply won't tell us.

What evidence do you have that we are in a recession?  Or that inflation has been under counted.

The market has recovered significantly off its lows.  Real GDP was up a meager 0.6% in the first quarter.  Job loss has been lower than expected. 

If Obama were president right now, would you be saying just the opposite?   

EagleTed:

Faith based economics. Interesting.

*dabbing coffee from laptop screen*

Hetty Award!

Even in a recessionary environment, this honor can be recyled for a dime.

Off to picket the local Conoco, demanding cheap gas, Gov.  Hey, there's an upside to everything.  I can drop a pound or two while walking in a circle.

;)

Hetty 

Ben Stein chimes in on this very subject with his latest YahooFinance article:

"Recessions Are in the Eye of the Beholder"

http://finance.yahoo.com/expert/article/yourlife/81478;_ylt=AmnTEqU5HAeQ2CR9ULreDlKER4V4

Coy

I couldnt agree more Twin.  I think the decline of the dollar has greatly helped stem a wider recessionary trend by increasing our exports in mfg. and other services. 

The financial industry is the main culprit but i think we are now getting through most of the turmoil.  Housing has a much longer way to go.  But with housing, it is completely dependent on location.  Here in Denver, they were saying that housing prices have actually risen so far this year. 

The price of gas is going to ripple through the economy starting next month as the prices of goods will have to compensate for the cost of shipping (another reason we need more rail in this country). 

I agree mostly with Ben Stein.

Some things  I have noted; the last time we ate at Chili's and Shells, both restaurants were uncharacteristically near empty.

And, that makes alot of sense to me. Eating out (I still consider it a want, not a need) is one activity that can easily free up a pretty nice chunk of money to be redirected to other areas, like gas.

Other areas, like malls seem to be holding up. I know of no person idle against their wishes. Florida's unemployment is at 4.9%, many states are even in the 3%-4% range. Of course there are a couple of rust belt states that are sporting high numbers, but frankly the people will probably need to leave before they prosper again. Maybe the folks in Michigan (7.2%) could move to Idaho (3.0%) or Iowa (3.5%).

Honestly, I've often thought longterm unemployment benefits (say after 2 or 3 months) should only be given if people moved to more prosperous areas of the nation.

But, what do I know? I'm a rich, fat-cat  (according to most Democrats) Republican living in a walled/fenced community (not gated, though!).

My family, friends (and friend's families) and neighbors (and neighbor's families) are all doing fine, SO FAR in the imaginary recession of '08.

Queen Hetty, perhaps you can whip up some tee shirts that proclaim: I survived the 2008 Recession, if it Really Happened!,  OR  I survived the 2008 Recession, and all I got was this lousey Tee Shirt!!

Rick

If it bleeds, it leads. In the news business extremes sell. Muddling through is just not news.

Another Rick