[Darren McCarty]

There is no "mental recession". There is a recession. If the people outside of the ivory tower (forget the GDP stats) believe there is a recession, than there is one. There is, and real Americans are reminded of that every time we go to the gas pump.

The economy sucks. Housing market is rough. Gas prices are at record levels. Food costs increasing. Energy costs increasing. Taxes increasing. All these are stuff that I live with at home every single day. That's not mental recession. That's what we see with our wallets close to home.

Until the politicians realize that, than they have their heads up their asses.

[WhistlingPastTheGraveyard]

If the people outside of the ivory tower (forget the GDP stats) believe there is a recession, than there is one.

Quite possibly the dumbest thing I've read all day.

The people outside the ivory tower believe whatever the box in their air-conditioned living rooms tells them to believe. They don't even know what a recession is.

[Mr Rogers]

There is not a recession. Words have meanings, and if you redefine recession to be “I’m unhappy”, then there is no word to describe a real recession.

The economy doesn’t suck. Here in Tucson, unemployment has just edged up to 4%. Housing prices are about what they were 3 years ago. You can rent an 800 sq ft apartment for $650. Gas is going up - no shock there, since we’ve restricted production for 30 years. Taxes do not need to increase - try voting republican, if you can find a real one.

McCain is pandering to people like you, who care more about someone feeling your pain than solutions. It doesn’t help.

[ChessExpert]

There are two definitions of recession. The official definition is that the National Bureau of Economic Research (NBER) has declared there is a recession. Many people prefer a definition that is more transparent and seemingly more objective. The second definition is two quarters of negative economic growth. Neither definition has been met. There is no recession.

The unemployment rate has edged up from 5% to 5.5% since the Democrats took control of Congress. That is a move in the wrong direction. But even 5.5% unemployment is not bad by historic standards.

The price of gasoline has gone up. What do you expect when the worldwide demand goes up and environmentalists restrict supply in the US? Their actions hurt the consumer, reduce jobs, hurt our international trade and the value of the dollar, reduce government revenues, etc. And they don’t do any good for the environment either.

[TomGuy]

If the people outside of the ivory tower (forget the GDP stats) believe there is a recession, than there is one. There is, and real Americans are reminded of that every time we go to the gas pump.

Correct.

Politicians and their loyalists (many of them right here on FR) keep forgetting: Perception is reality.

Like it or not. That is the way it is. And those who perceive that their financial situation is bad in November (about the time the first massive winter heating bills have arrived) will vote for change, not for the status quo.

[sefarkas]

There is a technical definition of the word “recession” and the current economy does not meet that definition, two consecutive quarters of negative GDP growth. Higher prices for food and lower prices for housing do not constitute a recession. Personal financial difficulties, or seeing friends in dire straits is sad but not indicative of a nation in recession, a nation of over 300 million in the largest economy of the planet by double. The poorly educated journalists have been repeating the word recession so often you seem to have bought in. Note that even professional economists in large numbers have predicted recession by now, yet meager growth continues. Anyone who says that the U.S. is in recession should be taken to the woodshed. Phil Gramm was right.