(CNN) - Economists will tell you the United States is not in a double-dip recession. Don’t tell that to the American people. Our new CNN/ORC International poll shows that 82 percent of the American people believe the U.S. is in an economic recession. Only 18 percent say we are not yet in recession.
The technical definition of a recession is simple: two successive quarters of negative growth. The first three months of this year showed tiny growth; the second three months showed very modest growth. We are now in the midst of the third quarter and won’t know the results for a while.
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It sure feels like it, but it probably isn't because the banks are not broke thanks to the American taxpayer. In Central MO, banks and Fannie Mae, etc. are whittling down their inventory of foreclosed homes at an accelerated rate, sometimes letting them go for less than what they have against them just to get them off the books. Until the excess inventory of foreclosed homes is sold, the housing market will remain depressed. Waiting for the American shopper to come back is foolish. We have become our grandparents and great-grandparents. Americans love of recreational shopping is gone. American business needs to find something else to make money on, like green fuels and other forms of energy. They might try innovation like the did in the 1950s and 1960s instead of just repackaging the same old tired thing. And if American business does not hire American workers, there will be no American buyers. American business murdered their own customer base and I don't think there are more than a handful of CEOs smart enough to have that figured out.
I believe we are in a reccession again and I blame the GOP/Tea Party 100%. The Rethuglicans messed up the economy and the budget with their off-budgets wars and tax breaks during a time of war. Are tax cuts their solution for everything? The GOP is the problem, not the solution. Let's get jobs created by focusing on infrastructure and jobs investment.
As long as the Tea Party controlled Republican party has any power there will be doom and gloom. The Bush tax cuts have been proven to kick the snot out of the economy. The Repulicans promise to focus on JOBS JOBS JOBS was an outright big fat ugly lie that has not done a thing to create jobs. The most ineffective congress that has been held hostage by the Tea Party and Republicans has said NO to everything so that they can purposely destroy the economy and try and fool the people that EVERYTHING is Obamas fault. Yeah there will be a recession until Republicans are voted out of their elected positions.
I think Congressman Joe Walsh is completly off base. He thinks going to the President's address to a joint session is making him a pawn to the President's failed agenda. I think Representive Walsh and all the Republicians are willing to let this great nation fail just so they can get rid of President Obama! You should have asked Representive Walsh what he has done to turn the economy around. It looks as though the Republician members of Congress are willing to sit on their hands until after the November elections just so they can make the President look bad.
If we're not in a recession – we soon will be. And it's because of Republicans like Joe Walsh who refuse to cooperate with President Obama. They and he are so focused upon destroying President Obama's credibility that they can't do what they're elected to do. Walsh is showing his bigotry and ignorance in refusing to give President Obama an audience. He's the one who is an idiot.
I certainly hope people don't have a short memory how we got where we are. Due to Goldman Sachs, Lehamn and all the other investment banks, they took us all out to the cleaners. Because of them and other banks the housing industry went out the window. We were losing 700,000 jobs A MONTH at that time. We are still trying to dig ourselves out. Granted, nothing seems to have currently worked, but the republlicans are the one who let all that happen on THIER watch. And yu want them back to do it again? Oh wait I guess people really do have a short memory.
Hmm, before November, 2010 – No Recession and the economy and JOBS were steadily growing!!! After November, 2010 to date – ALL HELL IS BREAKING LOOSE!!! Figure that!!
Form late 90s the housing market create more jobs until housing market back to normal it will feel like recession. There are many ideas there to bring back housing market normal the main problems is our politicians no for every thing
We need to boost the housing market now same time we have to focus on new ideas to create new jobs like green energy
I would say that might be correct. The GOP/TP has been very effective at wrecking the economy-AGAIN!
The only folks doing well are corporations (with record profits). The rest of us, not so much.
For 14 million, it's more like a depression. Or dont you read your own headlines?
so I understand 4straight quarters of negative growth is a recession
question How many positive quarters of growth did the Bush ADMINISTRATION have in the 8 years
someone get the charts please it is truth and proof time.
who will like the task to upload the truth and proof charts Graphs
can anyone put up the truth
we all would like to see the proof
know more moving the bar this will show that the republicans drop the ball
i agree 100 % that american corp. are killing their buying base and i will go one further...i think they are doing it on purpose! i will be looking at everything i purchase from now on. it starts with us we r not powerless!
Yes corp america has indeed killed there buying base...but then that is and was the plan...i do wonder where they will live when they are finished destroying our country...sad but true!
Right on Indy- it is absolutely unbelievable that anyone who has been conscious over the last ten years can't recognize this. A lot of conservatives like to say "Quit blaming Bush". Well, if the horrible decisions that were made during his administration never would have happened, we would not find ourselves in such a horrible mess now. It does not take a world class economist to see that!
There Is a reason why Economists ( all of them Republican leaning or democratic) use the measure of two consecutive quarters of Negative GDP growth. If you think things are bad now with 9 % unemployment the reality is if we were in another recession ( 2quarters etc) I hate to think what the Unemployment numbers would be.
The bald stats you give here are not very valid unless the poll asked those targeted whether they were Employed or Unemployed, without that infor there is too much potential bias one way or the other.
Regards,
Hodgson.
You gotta love that picture! those market speculators! lobbyists! toxic morgage packagers should all be behind bars. Please, release the chicken thief!! the real robber baroons are still out there conducting business as usual aided by career politicians like Mitt Bain & co!
strange how the buck stops at different places depending on which party the president belongs to. good thing dems had such laserlike focus on jobs when they held the presidency, senate, and house in 2009 and 2010. idiots