The economy has gone into recession, and now the data is arriving to prove it.
The Great Political Storm, apparently, is to center on the November 2008 Presidential and Congressional elections.
A recession that starts in January should be, technically, over by August or September, but it is unlikely that there will be a recovery in employment or income by then. In other words, it will not feel like the recession is over. And, since people already feel that the country has been on the wrong track, economically, we can count on 10 months of gloomy talk about America's economic decline leading up to the elections.
Let's project ahead to a record heat wave in Summer, a devastating hurricane or two, further eruptions of violence in Iraq and Afganistan . . .
The Republican Party will be the ashes of burnt toast.