How many times a day on the news or in a newspaper do we hear that the US is in a recession? All those doom and gloomers, ears perked, ready to pounce on any bit of news that might be used to make us think we are still heading into that downward spiral. Predictably the Democrats want you to believe we are in a recession while the Republicans want you to believe the US is recovering and heading upwards. Ah, election years, don't they bring out many a conflicting view? Add that to the mentality of the media that positive news doesn't sell as many newspapers and you get the average day of news in the US.

Ok enough with my wisecracks and views here you are.

Definitions:
The National Bureau of Economic Research, a nonprofit Cambridge organization defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales.

The Gross Domestic Product is the total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

Current facts:
According to the Bureau of Economic Analysis the GDP increased at an annual rate of 1.9% in the 2nd Qtr of 2008, that was up from .09% in the 1st Qtr. Ideally a healthy increase would be 2-3%. 1.9% is close to the ideal even if it is slow coming. A few days ago the Bureau of Labor Statistics released new jobs figures for July. Nonfarm payroll employment decreased by 51,000 jobs in July, but the unemployment rate was at 5.7 percent, which was below the average for each of the last three decades. An independent study by Northwestern University Professor Jonathan Parker and University of Chicago Professor Christian Broda finds that the stimulus payment, rebate checks are providing a substantial boost to the national economy. According to the study's results, most people are spending their rebates on durable goods and services.

Slow growth, yes but movement in the right direction, a positive upward motion! I say No to recession, what do you say?

Speak Now America! we want to hear from you!