The BEA will release 1st quarter GDP figures tomorrow, and the BLS will release employment data on Friday. To be sure, these will be carefully-watched figures as the nation holds its breath waiting to see if we're moving closer to the R-word. But these are national data, and it becomes easy to overlook the fact that some areas within the nation are currently in throes of economic turmoil. This morning's release of metropolitan employment data reminds us that, regardless of what happens in aggregate, many Americans are already living a recession.

News You Can Use. If You Happen To Be President Earlier this month, Jason Furman, Senior Fellow at the Brookings Institution, wrote a piece in Slate about "Repairing Some Of The Worst Bush Administration Screw-Ups" in the area of fiscal policy. The Four-Step Program he outlines:

• Step 1: Fully account for all costs in the budget
• Step 2: Stick to these costs, with a veto pen if necessary
• Step 3: Be ready to work together with the other party to reduce the deficit.
• Step 4: Don't forget what really counts:

On Friday, actor Wesley Snipes was sentenced to three years in prison for failing to pay federal income taxes for close to ten years. Snipes could have been sentenced to up to 16 years if he had been convicted of all charges, but he was not convicted of tax fraud and conspiracy back in February. He owes close to $20 million according to the IRS. Snipes maintains he was dupped, but the judge thought otherwise:

OK, folks, it's finals time. Two-part question. The following statement was propounded by former CBO Director Douglas Holtz-Eakin on a recent conference call in his capacity as economic adviser to one of the three presidential candidates.