The problem with this observation is... if any of the next 5-10 years become the warmest year on record, and there aren't any markedly colder years in that time period, then it's still a warming trend.
Remember that after 1998, because 1999 was a La Nina year, the trend starting in 1998 was a strong cooling. That's changed as subsequent years have been warmer, and 2005 was only a tick under 1998.
Yet more betting on climate with World Climate Report
I think El Nino this year has pretty much fizzled, so I don't think 2007 will be a record year (I could be wrong, of course).
True, very true.
And, more importantly, if (as appears correct) we are at (or even near) the max of a long-duration sinewave cycle, then the gradual slip from that max occurs also in spits and spurts - the reduction in temperature will not be a smooth drop either.
Any given year may be higher or lower than its predecessor. And of course, if we are at a gain of +.8 degree, then it will take 4-6 years to drop back to even "average" temperatures.
And, all that time is enough for the propagandists to continue their war against the US economy.
But, as pointed out, the critical thing to see is that average tmperatures have NOT increased the past 8 years (1998 through 2006-2007: they HAVE remained steady, DESPITE the tremendous increase in greenhouses gasses from China and India and Brazil over those 8 years!