Recession 2012? (capitalism, credit card, debt, income)

[jimhcom]

There are some very compelling data points that indicate we may be slipping once again into recession.
LAKSHMAN ACHUTHAN: THE RECESSION IS STILL COMING…. | PRAGMATIC CAPITALISM
In this clip, Lakshman Achuthan makes some good points concerning growth rates and the history of recession vs. slowing growth.
There is also the factor of rising gas prices. Every $.01 cent rise in the price of gas takes $1 billion out of the economy that could be spent elsewhere.
Finally we have consumer debt Credit Card Debt Nears Toxic Levels (http://www.myfoxdc.com/dpps/news/credit-card-debt-nears-toxic-levels-dpgonc-km-20120226_18232559 - broken link)
at levels not seen since 2007.
There are also positive indicators including employment numbers, although despite higher employment, overall income is down.
So taking everything into account, what is your opinion concerning 2012?
Is the economy on a sound footing, or was the recovery just a result of monetary stimulus that is losing its ability to sustain growth in the face of inflation?

[modeerf]

To me it's been a depression since 2008. Being that the US economy is fractionized between main st. and wall st. Production and service sectors.

We can appear fairly strong for a long while, until the roof caves in and we are all on the soup line together.

[Gatornation]

Very slow growth for a while.

[Escort Rider]

I guess if our neighbor has lost his job it's a recession, but if we have lost our own job, it's a depression. That's very subjective. Objectively, I think Gatornation (post #3 is correct).

[GraniteStater]

It is Negative growth if you factor in areas that have faster population growth. Also, the U-6 is now deceptive because many have maxed out unemployment. I expect to see a number of states with stable to very slow levels of job growth like the Great Plains including Texas.

[slackjaw]

Originally Posted by GraniteStater

Also, the U-6 is now deceptive because many have maxed out unemployment.

What does U-6 have to do with maxing out unemployment?