There is a difference between a recession and slowdown in growth. We have had slow growth, from an annual rate of 3.5% to 1.5%. But that is still Growth. A recession is defined as having negative growth (shrinks) for six months or more. In other words, not only do we have to stop growing, we have to recede.
Sunday is the Super Bowl (Go Pats). According to a recent survey, Americans will spend $10 Billion related to the event. 158 Million Viewers will spend, on average, $59.90 on related merchandise. 10% of consumers plan to purchase a television and 5% plan to buy new furniture. Are we really receding?
Congress recently passed an economic stimulus package, and the IRS will be sending out checks to many of us. You could be receiving $600 – $1200 and $300 extra per child. If you are single and are making more than $75k per year, or are married and making 150k per year, I am sorry. You are one of those evil rich people that Bush gives tax breaks, so no stimulus for you. And, as long as you made at least 3k last year, and paid no taxes, you still get $300 back (enjoy it guys, really, it is my pleasure to get my income taxed so you can get $300 to stimulate the economy).
What this has really become is fodder for our Political Candidates, who all have their own economic stimulus package.