Is america going into recession?

[lemon_and_mint]

Gordon Brown made a speech this morning in which he appeared to be saying that the world wide economy including Britain would suffer in 2008 due to the credit led economy which is now starting to fail in America.

[mikeinie]

Some may say that the US is already in a recession; I don’t think it is but it is close to one. Although the low interest borrowing has been good for the economy overall, the level of personal borrowing is very high increasing pressure on personal dept. Once people stop, or seriously slow down spending¦ then the road to recession is may be long or slow, but it will be moving in that direction.

2008 will be a tougher year than what people have experience recently.

[Patrick]

I agree with mikeinie. We're not there yet but that eventuality seems certain. Hold on, it's going to be very bumpy ride over the next ten years.

We can't continue to spend at the rate that we have in the past, individually or nationally, and that spending is all that's been keeping the engine running.

[Pheasy]

House prices in my area have dropped by about $50k in the last few months (PA, USA)