I’d say we’re in the middle of a depression. Assuming that we hold free and fair elections this November and again in two years, the economy should start improving around January 20, 2013.
The next little ride is the wiping out of the middle class.
Just because "Republicans" get in doesn't mean we are automatically out of the $hit. They don't have the balls to conduct the type of Federal budget and agency cuts that are required.
We'll get tax cut extensions (nothing permanent) and the looters in D.C. will push this all off until the next couple elections away.