May 2, 2008
While the U.S. suffers through declining home prices and rising unemployment, the Nero's of economics are tuning up their fiddles while trying to determine if we're technically in a recession. Forbes reported this week that,"Regardless of the GDP numbers, data show unambiguous signs of a struggling economy. For homeowners watching prices drop, for the newly unemployed or for businesses with low corporate profits, the current debate over whether the economy is in recession is largely meaningless. What these people want to know is simple: When will it end?"Consumers, apparently worried about rising food and oil prices, are losing hope, canceling vacations and being more careful with their money, as seen in Consumer Confidence Index's drop for the fourth straight month in a row. "Economists closely watch sentiment readings since consumer spending accounts for more than two-thirds of the nation's economic…
