Economic Slump

The present administration has now named the US economic situation as a recession. What does that term mean? When was the last time that the US was in this situation? How did the US get out of the recession last time? Will it work this time? Why, or why not?
Does it matter that the administration did not name this slump a recession until recently? How does it aid the country to do so? How may it have a negative impact?
What are your logical suggestions for the President and President elect regarding this situation?
Required-3 quotes and sources
2 paragraph minimum
Due 12/17/08 12:01 pm est