Despite what you may be hearing, did you know that economists say we AREN'T in a recession? They point out that a recession is two consecutive quarters of negative growth. But the fact is, they say, we haven’t even had one single quarter of negative growth reported. The economy slowed down significantly during the end of last year, but that was after some big growth in the third quarter.
... The average unemployment rate during President Clinton was 5.2 percent. The current unemployment rate is 4.8 percent.
... The average inflation rate under Clinton was 2.6 percent, under Bush it is 2.7 percent.
... While the inflation rate over the last year has gone up to 4 percent, it's still lower than the average inflation rate under all the presidents from Nixon through Bush’s father.
... Gas prices are up 33 percent over the last year, but to get an average of 4 percent inflation means that lots of other prices have stayed the same or gone down.
... Housing has obviously been a big drag on the economy, but many other sectors of the economy, such as exports, have been doing well, some extremely well.
So who's to blame for the panic? Two groups: the presidential candidates and the media.