The U.S. Economy is officially in Recession

It's official: US is in recession
Dec 1st, 2008 | WASHINGTON -- The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
The NBER -- a private, nonprofit research organization -- said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
The White House commented on the news that a second downturn has officially begun on President George W. Bush's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. Instead, spokesman Tony Fratto remarked upon the fact that NBER "determines the start and end dates of business cycles."

The NBER, National Bureau of Economic Research give a statement today that the U.S. has been in recession for a year now. The 'R' word exists again.