What do you think of the economy, are we in trouble.

Question

Are we in a recession?

Answer 1

What matters most is where the economy is heading rather than where it is now.  And the present heading of the US economy doesn't look so good.  

It looks like the US economy is going downhill.  And how far downhill it's going to go nobody yet knows.

Answer 2

We are not technically in a recession yet. The economy grew in both of the last two quarters, just very slowly, but that doesn't mean it will be growing in the next two.

I don't see much reason for panic. I suspect we have seen oil prices stabilise at least, and the credit crunch will begin to ease in a few months (I hope). Housing prices will stabilise in a year or two, if interest rates don't go up too much.

Answer 3

Well since technically 'recession' doesn't have anything but opinion behind it, I'll go on a limb and say that we're either close to it or just in one.

A good quote I found to sum up our current trend is this (can't remember who it was on the Today show...Jim Kramer perhaps?):

"Compared to five years ago, the people who were putting monthly savings in the bank are now living paycheck to paycheck.  Those who were living paycheck to paycheck are now starting to run up credit cards and are going into debt.  And those who were going into debt are now hopelessly lost".

I had been in the savings group...now my wife and I are making just enough to live.  When I look at how bad some others have it, we're just glad to not be running up the Cards at the moment...