How Bad is the Economy?

I keep reading all kinds of doomsday reports on the economy. I'm no expert, in fact, I'm pretty much a failure when it comes to economy! However, I just don't see around here that we are sinking fast when it comes to the economy. Sure, gas costs an arm and a leg, but wake up America. Gas has cost this much in other parts of the world for years. Yes, house sales are slowing down, but in the years leading up to this they were overpriced and we all knew there was no way to sustain that much and that quick of an increase in home sales and prices. In years past, I believe they were Clinton years, we had many unemployed friends, people losing their own houses (not ones they were trying to flip) and people losing everything they has intended so save for retirement. I don't know one person now who is unemployed, anyone going into foreclosure on any of their properties and so far as I know, people have been able to save. I'm not saying it's not happening, I'm just saying for the past few years I have not personally known anyone in those categories - and that's unusual.

So, how bad is our economy REALLY? The news makes me nervous, a little on edge and keeping me a bit frugal, but in reality, I'm just not seeing what they are seeing. Maybe it's the area I live in - with many people working for government agencies and in defense, maybe our recession is coming when the democrats step in. I don't know. All I know is that the malls are more crowded than ever, the wait at almost every restaurant every night is 20-30 minutes and despite gas prices there is still an unbelievable amount of traffic. I see little change or difference around here. Anyone else seeing it?