News item: “The second-quarter growth rate for the U.S. economy was revised upward, to 3.3 percent.”

Were the preceding two quarters pretty lousy? Yeah, .9 percent in 2008′s first quarter and -.2 percent in the fourth quarter of 2007. But the preceding two quarters, the economy grew 4.8 percent each.

Unsurprisingly, public perception is that the sky is falling and that we’re on our way to reenacting The Grapes of Wrath:

Percentage of Americans, according to Gallup, who believe we’re in a recession: 38 percent.

Percentage of Americans, according to Gallup, who believe we’re in an economic depression: 23 percent.