Long Recession Ahead

[pennypinch]

Unemployment is still rising and economic growth has literally come to a stop. These things have forecasters saying that we may in for a long and difficult recession.

According to a survey of leading economists released just this past Monday, economic conditions are falling apart even more. Consumers have drastically cut back on their spending and unemployment is still rising. None of this is helped by the tight credit markets.

Fifty experts were surveyed by the National Association for Business Economics. They said that the U.S. economy will grow a mere 0.2% this year, 2009. In just October they had forecasted a growth of 1.2%.

Almost all of them believe that we are in a recession and almost 3/4 of them believe it will extend beyond the first quarter of 2009.

Their outlooks are very grim to say the least. If things don't get turned around rather quickly, we may be in for it for the long haul.