I read this article from CNNMoney.com "The Great Recession ended in June 2009, according to the body charged with dating when economics downturns begin and end. but the news comes amid rising fears of a double-dip recession."  The comments posted in the website, majority doesn't agree.

If you need more reading article, here's one from Europac.net website.
"But, despite these clear and dramatic signs of mounting malaise, most economists continue to forecast relatively solid economic growth both now and in the future. According to the Third Quarter 2010 Survey of Professional Forecasters (released in mid-August by the Philly Fed), economists expect real GDP to grow by 2.9% this year, 2.7% next year, and will accelerate to 3.6% in 2012. Given that first half GDP is already well below their forecast for the year as a whole, these economists are therefore predicting a much better second half. If anyone knows where this momentum can be found, please let me know.

But in my view, these economists are way off the mark. In reality, the US economy is weak and deteriorating, and a renewed contraction in GDP - whether officially labeled a “double-dip” or not - is a near certainty. This is not your garden variety recession. Don’t expect it to behave like one." (Europac, 2010)

In my humble opinion, always save and spend what you can afford. I guess this is applicable for everyone.