Recession-Are we or aren't we?

There has been much talk about the current state of the US economy. Are we, or aren't we, in or heading towards a recession? A recession is bad news for all industries but is especially damaging to the travel industry. The travel industry thrives on people's disposable income, or that leftover money after all bills have been paid. With gas prices at an all time high, unemployment on the rise, and people cutting back their excessive spending...how does this effect the travel industry?