US Is Already in Recession, Majority Says

Good grief, the ignorance of the American populace can be astounding...

WASHINGTON (Jan. 10) - Empty homes and for-sale signs clutter neighborhoods. You've lost your job or know someone who has. Your paycheck and nest egg are taking a hit. Could the country be in recession?

Sixty-one percent of the public believes the economy is now suffering through its first recession since 2001, according to an Associated Press-Ipsos poll.

The fallout from a depressed housing market and a credit crunch nearly caused the economy to stall in the final three months of last year. Some experts, like the majority of people questioned in the poll, say the economy actually may be shrinking now. The worry is that consumers and businesses will hunker down further and pull back spending, sending the economy into a tailspin.

"Absolutely, we're in a recession," said Hilda Sanchez, 44, of Waterford, Calif.

Maybe a better question would be "What is a recession?