Recession is here

Recession

Although no one wanted to admit it, a recession may finally be here. Defined as "a significant decline in economic activity", this economy has certainly fit the bill. People often make the mistake of thinking a recession is a contraction of the gross domestic product. Even I thought thats what defined a recession. I wonder what defines a depression.

Either way economists have stated that the economy has surprisingly withstood many negative impacts including high fuel prices, the housing bubble, and a credit crunch. Will it survive another 911 though? Probably not, and we all hope and pray that such an occurrence does not happen again.