U.S. economy is not technically
From the economic data, the U.S. economy is not technically in a recession. Unfortunately, the credit woes to the rise in the foreclosure rate over the past few years could be a sign of bigger problems to come, especially if the job market continues to be anemic. Many are unable to find high paying jobs, even if they possess a lot of valuable work experience.
Remember that economic data shows only a snap shot of the economy. It does not focus on a family of four that has watched its household income decreased by $30,000 over the last two years or the former corporate executive without any job prospects for the past six months. As a result, many people are saving even less than before. Not to mention, the price of gasoline and groceries have limited our ability to spend money in other others industries (cars, airline, computers, and investments) that might hire individuals like ourselves.
Economist and others cannot calm the woes of many Americans by supplying them with economic data that shows a glimmer of hope. Therefore, do not expect the economic crunch to end until businesses start offering more high paying jobs. Otherwise, all levels of government would need to stop collecting any taxes, but this will never happen.