Did you know we were in a recession?

Well, we’re not. I mean, even if you go by the commonly accepted definition of such, we’re not. We need to have two quarters of reduced productivity; fourth quarter 2007 was positive, so the earliest we would know would be after June 30.

But, by then, we’ll be out of the recession!

At least, according to several of the economists who were interviewed by the Globe:

For now, many economists forecasting a recession expect it to be short and mild, running through the first half of the year. The Federal Reserve’s deep interest rate cuts and a plan approved last week by Congress to put billions of dollars in rebates in consumers’ pockets should work their way into the economy by the second half of the year. That will fuel a rebound, economists said.

“We’re forecasting the shortest and shallowest recession in post-World War II history,” said Gus Faucher, economist at Moody’s Economy.com of West Chester, Pa. “The Fed is on the ball and moving aggressively, and the federal stimulus package will be kicking in.”

Mmm, ‘k.

Can everyone just slow down for a second?

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