We are not in a recession

[Mom2my3sons]

I have to get this off of my chest. I am tired of people saying we are in a recession. We are NOT.

A recession is defined as "a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year." Recession - Wikipedia, the free encyclopedia

The most recent numbers available had the GDP at an increase of 4.9% for the third quarter of 2007 and 3.4% in the second quarter of 2007.

The estimate is that the GDP will be around .6% for the fourth quarter.

There is no debate. The numbers do not fit the definition of a recession.

Now, that being said, that doesn't mean there aren't problems with our economy. There is definitely high inflation right now, fueled by high oil prices. And with the GDP dropping from 4.9% to .6% the economy is slowing. Unemployment is increasing.

But that doesn't mean we should all start freaking out either. The economy goes through these cycles. We will come out of this.

[Carolina Momma]

I agree. Dave Ramsey pretty much says the same thing every night on his show. I wish the news media would just inform us instead of trying to scare us.

[Seegers6]

DH and I were talking about this the other day. We are middle class family of 6 with an annual gross income of about $60,000. We are doing fine. It seems to us that the country isn't in a recession but we have a large percentage of U.S. families that spend well beyond their means. Then these same unbudget concious families blame their financial troubles on a recession. JMHO.

[luvmy3boys]

It seems to us that the country isn't in a recession but we have a large percentage of U.S. families that spend well beyond their means. Then these same unbudget concious families blame their financial troubles on a recession. JMHO.

I agree with that.

[vogt0047]

Unfortunately people aren't listening. Hubbs and I own a coffee shop and our sales are down... bad for the last couple months. With people hearing we are in a recession they stop spending money which will lead to one. If people stopped watching the news I think the world would be better off.

[billig]

Most of my friends and family that are having tough financial times have spent beyond their income.
Although I wouldn't want to change technology, if credit cards had never been invented most people would not be in this situation.

[Mom2my3sons]

I completely agree with all the posts above! Thanks for letting me know I am not alone in my thinking!

I get highly irritated when I hear the gov't planning to bail people out of their debt. Why is it the gov't isgoing to reward those that made poor financial decisions? Why are those that made good decisions going to have to pay for the mistakes other made?

[jdl8062001]

They have not said that we are in a recession. They have said that we are on a way to recession. They have said that we are not in one yet however, if things keep going the way they are then we are going to be in a recession. I dont want to sound like an ass i just wanted to clear this up.

[purplefdu]

We are not in a recession but we surely could be heading to one depending on how the economy and government deal with the situation. And not all families in financial trouble are spending above their means or have credit card problems. DH and I have not had a credit card in years (paid off in full before closing accounts) and still have trouble paying the bills for heating fuel and rent.

[Debbieomi]

It seems to us that the country isn't in a recession but we have a large percentage of U.S. families that spend well beyond their means. Then these same unbudget concious families blame their financial troubles on a recession. JMHO.

These are the same folks who cry financial hardship to take advantage of social programs and yet they smoke, drink alcohol and eat out more often than they cook at home. I have relatives like this, one sister in particular. She is at the food bank as soon as their time limit between visits is up. And she sits in their parking lots puffing away.
Now, I have nothing against folks who smoke, I used to be one. But my bills were paid, I had food in the cupboards and my son wasn't going without...anything. Oh boy, I feel a rant of hugemungous proportions coming on. I better step off the .