The economy is doing lousy - it grades out at a "D" or "C" depending on your curve.
The 0.6% annualized growth of real GDP in the 4th quarter of 2007 scores out as a "D" on my standard scale.
Believe it or not, this is the quality of work that passes for a "C" in America's colleges - since that's the grade for this rate of anemic growth using an actual student grade scale.
* Hmmm. I wrote a post on this towards the end of January ... but it appears to have gotten lost in the ether. Thus, the late news.