5 Reasons Why the Economy Will Be Alright, Eventually

Here are five ways we could enter a recession, again. And here, via Neil Irwin, are five reasons why that will never, ever happen, knock on wood.

1. Savings. We're reloading our wallets now, as we should. In the short term, that's bad for a consumer-fueled recovery. In the long run, it's good for a healthy and sustainable consumer-fueled recovery.

2. Credit. Banks are easing their lending standards, which presages a recovery for businesses, large and small. 3. Manufacturing. A steadily growing industrial sector is getting some help from healthy global demand. Also, Americans have to start buying more cars eventually. Right?

4. Housing. "With housing starts at such a low level, there's just not much more room for it to hurt growth," Irwin argues. And if you look at a map and put one hand over Florida and another over California, Arizona and Nevada, you're looking at a country that isn't terribly underwater.

5. Trade. Had there been no trade deficit last quarter, GDP growth would have come in at a healthy 5 percent annual rate, Irwin points out. Most analysts expect it to improve next quarter, along with GDP.