We MAY be entering a recession, but using the standard definition of "recession," we're not there yet. You need two quarters of negative GDP growth (retraction) to be officially IN a recession. As far as being in "hard times," rest assured that with proper planning, saving, and wise investing, you can weather the hard times easily. The economy moves in cycles, boom and bust. You learn to ride the waves or you drown. With interest rates as ridiculously low as they are and strong, healthy companies' stocks depressed along with the rest of the market, this is a terrific opportunity to pick up some true gems for bargain prices. Signed, An old dude with a long memory who assures you that you haven't seen hard times yet.