Recession, Recession, Where's the Recession?

"It's a recession," said former President Harry Truman, "when your neighbor loses his job; it's a depression when you lose yours."

For people facing home foreclosure, job loss or the struggle of paying high gas prices, the definition a recession seems immaterial and insignificant. True.

But during an election year, the media's constant use or expectation of "recession" does matter. Sen. Barack Obama, the Democratic Party's likely nominee, already considers the U.S. economy "in a recession." So are we?

No -- not even close.

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