As a new database from the Federal Reserve Bank of Minneapolis helpfully shows, (see Free Exchange), the percentage decline so far in this recession is exactly equal to the median decline at this stage of the ten post-war recessions.

ECONOMIST: America's economy

Then, as now, there was an uneasy sense of American decline on the world stage.

FORBES: President Obama Is The Second FDR, Not The Second Carter

Questions remain about using deep-brain stimulation to treat dementia, including whether it would work for Alzheimer's patients and at what stage of decline, whether it is safe and how long the effect will last, said Dr. Salloway.

WSJ: Memory Gets Jolt in Brain Research

Typically an early February high sets the stage for a decline that lasts for most of the month.

FORBES: Are You Ready for a February Surprise?

The idea was to spot troubled companies at an early stage of their decline, so that creditors had more hope of getting their money back.

ECONOMIST: What isn't known about bad debts

However, a weak rally, especially on a resolution of the debt-ceiling debate, is likely to set the stage for a further decline.

FORBES: Don't Light That Short Fuse!

It's the latest stage in the long decline of an industry.

BBC: Q&A: Why did Corus cut jobs?

This set the stage for a 30% decline into the latter part of February.

FORBES: Accurately Analyzing RSI Divergences

The Office of Science, which funds critical early-stage energy innovation research, would see a 20% decline in its budget.

FORBES: House GOP Budget Proposal Would Stifle Energy Innovation

Thus, those states claiming that they are cutting fat and waste are actually setting the stage for the impoverishment of their citizenry and a long-run decline in the revenues available to pull themselves back out of this hole.

FORBES: Why US education deserves our praise (and funding)