Despite all gloom and doom predictions, our economy grew last quarter, albeit slightly, thus indicating that while the economy has slowed down, we have yet to enter into a recession. Of course, the technical definition of a recession is two consecutive quarters of negative growth, so, all you liberals hoping and praying for the economy to tank didn’t get what you wanted.
That said the report isn’t all good news. The real lingering question is what is Congress going to do to prevent a recession and speed up the economy again. Unfortunately, given that it is a presidential election year, I am not confident the Democratic Majority is even interested in doing anything that will move the economy in a positive direction. Their standard operating procedure is to propose crippling tax hikes, not more tax cuts — which brought our economy out of the Clintonian recession and into the longest record of economic growth in history.