Unfortunately economic indicators are necessarily retrospective, so you may be right.  Or we may be in a recession and not know it yet.

The US economy is, in fact, still growing.  The rate of growth has slowed, what one might call a “slowdown”, but it is growing.  A recession is when something recedes, or falls back, reverses, goes negative.  Are we clear??

The US version of the ‘British Disease’...... but, oh, its been happening for the past 20 years, uhh http://www.vdare.com/pb/cultural_causes_review.htm

Mr. Barnett’s explanation for Britain’s decline is essentially cultural. The working class was brutalized by the Industrial Revolution, he says, and the upper classes were seduced by visions of pre-industrial gentility. Technical education was neglected and Britain’s postwar loans were diverted into grandiose “New Jerusalem” social programs instead of industrial revival. Mr. Barnett views the moralistic contribution of the Christian churches with a particular contempt…...

Governor George Wrongworst Bush can call our present economic situation any thing he wants.  I call it the PRECIPICE OF ECONOMIC RUIN!!!