Michael Shulman, writing for Seeking Alpha, points out that you can’t call it a double dip if (as he predicts) the GDP numbers end up negative for 2010:

It is time to start feeling bad for we are not only in a recession, it is going to get worse before it gets better. We are in a period of radical asset deflation unmatched since the Depression.

Why the prediction of another deep recession? A gigantic drop-off in the workforce participation rate, leading to a fall in national income. A 75% drop in new home building (the source of more than 40% of new jobs between 2002 and 2007); massive credit contraction among consumers; more than two thirds of the economy and one in four homeowners underwater on their mortgages; more than six million foreclosures looming in the next 24-30 months; Europe about to go into an austerity driven recession; governments at all levels in the US facing voter demands for austerity, not stimulus; the Fed out of ammunition.

Meanwhile, Paul Price notes the historic lows of the small business optimism index and states:

Our political leaders are NOT helping small businesses in any of their legislative activities.

Now that’s an understatement. Billions in stimulus and nothing to really help the people that made this country great.

And let’s not forget that actual unemployment is ticking back up to 22 percent.

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