Financial Question of the Week

It's official. We are in a recession. Duh?

As the old joke goes, it is a recession when your neighbor loses his job; it is a depression when you lose your job.

There are many definitions kicking around, but what the news reported this week is that the government now says we are in a recession. All the definitions turn on financial factors being less like less jobs, less manufacturing and so on for six months or more.

So what does that mean for me? It means you can suffer financial loss and it can affect you.