John McCain says he believes it's a recession.
Speaking at The Associated Press annual meeting in Washington today, McCain said economists may have a technical definition of a recession, but from his perspective the important factor is "that Americans are hurting."
He also said Barack Obama's comments that some small-town voters are bitter over their economic situation were "elitist." He said those are the same people whose children are overseas defending the nation.
On other matters, the Republican presidential nominee-in-waiting also announced his support for legislation that would protect the identity of reporters' confidential news sources. He said while the reporters' shield law could be "a license to do harm," it's also a license "to disclose injustice and unlawfulness," citing what he called "the disgrace of Abu Ghraib" as an example.