This is just one of many charts that shows the resiliency of our US Economy. If you look at the MIPG rate in 2003 you can see it did go negative and we did not enter a recession. We certainly see the numbers today show a slowdown, but no where near the level of what we had back during the Clinton recession. Our economy still remains in what we economists call "FULL EMPLOYMENT". Inflation is a concern but still remains relatively flat. (Though the free fall of the dollar needs to be addressed)
I think there is a difference between agreeing these are challenging times and Senator Coleman's unfortunate statement before the facts are in.
I know my pocket book is thinner with gas for my car and home. The prices on items at the local grocery store seem to be going up faster. However, we need to temper the "micro" short-term facts with the overall "macro" facts that we are not yet officially in a recession.
