Employers cut 60,000 jobs last month, continuing a six-month streak of job losses, according to new labor statistics. On top of that, oil hit a new record of $145 per barrel today. The combination led Treasury Secretary Henry Paulson to warn that there are "no quick fixes" to what is likely to be a long economic slowdown. Some experts are predicting a "slow-motion recession" where sluggish growth could continue well into 2009.

Surveys from numerous organizations show the public is feeling very negatively about the economy. More than eight in 10 say the economy is getting worse, and four in 10 say their standard of living is declining. Gas prices are driving a lot of this concern, if you'll pardon the expression. Concern about gas prices is so strong that it's a major concern in foreign policy as well.