An Op-Ed piece from Robert Samuelson of Newsweek (via MSNBC) gives us a historical perspective on recessions.

...The rhetoric of recessions is usually, though not always, worse than the reality of recessions. Since World War II, recessions—signifying falling production and rising unemployment—have become less frequent and milder. From 1946 to 1998, the economy has spent about 15 percent of its time in recession, reports economist J. Bradford DeLong of the University of California, Berkeley. From 1901 to 1930 the comparable figure was 30 percent.

It seems ungrateful not to acknowledge our good fortune. But we don’t. Americans feel entitled to an anxiety-free affluence.

And, although Samuelson doesn't provide the data, it should also be noted that as far as recessions go, they've become shallower -- lower unemployment (5.7% for Aug 2002 according to BLS), smaller quarterly GDP drops (well, a growth rate of 1.3% for 2Q02).