This morning, Federal Reserve Chairman Ben Bernanke told the House Budget Committee that in order to revive the sagging economy, Congress should quickly pass an economic stimulus package, which doesn't include making Bush's tax cuts permanent. Side-stepping specifics, Bernanke supports a short-term plan that would work with the Federal Reserve Board's own measures to support economic growth and prevent recession.
Bernanke testified that:
"Any program should be explicitly temporary, both to avoid unwanted stimulus beyond the near-term horizon and, importantly, to preclude an increase in the federal government's structural budget deficit."
The housing crisis, rising unemployment, record inflation, a growing budget deficit, and declining retail sales have signaled hard times for the US economy. With all the talk of economic woes, I'm curious — are you personally feeling the signs of an oncoming recession?