So it looks like the recession actually started in 2007. That's interesting, because I recall that questions about whether or not we were in a recession back in January of 2008 came up during the Republican Presidential Debates. Let's take a look back and see which candidates seemed to understand the situation and which did not.
Jan 6 Milford, NH
Romney: Senator McCain was one of two Republicans who voted against the Bush tax cuts. I believe the Bush tax cuts helped our economy grow and are one of the reasons that we’re not in a recession today.
Jan 10, Myrtle Beach, SC
Chris Wallace: Governor Romney, do you believe that we're headed for a recession?
ROMNEY: Well, first, Chris, let's get the record straight. Could we be headed for a recession? Absolutely. Do we have to be headed for a recession? Absolutely not.
McCain: And by the way, I don't believe we're headed into a recession. I believe the fundamentals of this economy are strong, and I believe they will remain strong. This is a rough patch, but I think America's greatness lies ahead of us.
Wallace: Do you believe we're headed for a recession? And do you have a short-term government economic stimulus package that you think would be more effective than what you've heard so far from Governors Romney and Senator McCain?
HUCKABEE: Chris, I hope we're not headed toward recession, but if we are, there's four factors that will be the reason..
Paul: I believe we're in a recession. I think it's going to get a lot worse if we continue to do the wrong things that we've done in the past, that it's going to be delayed, just as what happened in the Depression.
Thompson: We still have a bunch of two-handed economists in Washington. On the one hand, we may go into recession, and, on the other hand, we may not. Nobody knows.
Jan 30 Simi Valley, California
McCain: And finally, could I just mention on the issue of rebates, fine, because part of this is psychological. Part of the problem we have, of course, in any recession is psychological. And I'm still optimistic that nothing is inevitable.