The U.S.  economy has been in a recession for all of 2008, the National Bureau of Economic Research said Monday.

The Cambridge, Mass.-based organization dates business cyces, basing its decisions on the consensus of economists.  The current recession declaration follows a conference call Friday, the NBER said in its statement Monday.

The expansion that ended in December 2007 began in November 2001, the NBER said.

The NBER based its conclusion in large part on measures of gross domestic product and gross domestic income.

The organization said in its statement Monday: “Many of these indicators, including monthly data on the largest component of GDP, consumption, have declined sharply in recent months.”

# vLST

I agree with you Deify, the economy is connected world wide, and the problems will not ofcause only effect USA.  Its bailout and things like that all over Europe too.

"USA buys a lot of stuff "

yes you do...with borrowed money.  Americas debt is just unbeliveble...


U.S National Debt Clock
http://brillig.com/debt_clock/

Take also a look at :
Grandfather Economic Report series
http://mwhodges.home.att.net/debt-summary-table.htm

"Our Federal Government Debt Report shows $9.2 Trillion of debt as of end CY 2007, the State & Local Government Report shows debt of $2.2 Trillion, and $41.6 Trillion of private (household, business and financial sector) debt is revealed in America's Total Debt Report.

These sum to $53 Trillion - - equivalent to $175,154 per capita, or $700,616 per family of 4.
(This sum does not include the federal government's un-funded contingent liabilities such as Social Security/Medicare/Medicaid estimated at $107 trillion, plus additional unknown amounts (?) for other contingencies listed below.)"