Is a lot of this economic doom and gloom just media hype?

Question

Seems that way to me. Certainly not all but a lot.

Answer 1

most of it is. Economy is not doing too good, but is kinda like "overcast skies" as opposed to category 10 hurricane that claim it is.

Answer 2

The US economy is "still No.1" as The Economist claims. Afterall, the US economy has suffered one of the mildest recessions in history, caused by the Dotcom Bubble burst in 2001. Many people haven't even realised that the US economy is already in a recession which started in 2001, so the media fretting about whether the US economy is going into a recessionclearly don't know their economics. As of November 15, 2007, the US has had suprisingly robust growth, with official figures put above 3.5%.

After surviving the Dotcom bubble, the housing market slump and most recently the credit crisis, it seems that the resilience and agility of the US economy these days means that Uncle Sam can take many economic hits, shrugging them off without so much as a scratch for most citizens. The US economy may contract from time-to-time, but that's all part of the business cycle. Let's no go as far as the media in saying that a recession for the world's greatest economy is the equivalent of the apocalypse.