For those who would try to "foster" the "belief" (without any substantiated facts) that we are in a recession and for those who would do something like that for their own political gains, I have a surprise for them: The economy actually "grew again" in the last quarter! The preliminary Gross Domestic Product (GDP) calculation (just released this morning) shows that our economy grew at just under one percent for the first quarter of this year. This was much better than the expected growth of only 6/10's of one percent (See Full Story).
Please remember that a recession is occurs when the economy "recedes" in 2 consecutive quarters. Despite the Obama's and Schumer's and Pelosi's of the world, we have "not yet" had a single quarter where the economy has had receded or had negative growth. It is quite possible that the actions taken by the Federal Reserve Bank and the Bush Administration and the effects of stimulus checks will dodge the bullet of recession.
It should be pointed out that the rapidly rising price of oil is an extremely troublesome issue. This issue, alone (more than the issue of foreclosures as touted by the Democrats), could be the single most contributing factor in a future recession; and, not just in the United States but for the world. The shortage of supply with increased demand is not going to be overridden by any "green" technologies or "green collar" jobs. That is just foolishness!