The recession; what is the true state of it as of now, and what does it reserve for the future?

I’m no good with politics and anything like that, but I have learned that you really can’t always take everything politicians say as actual truth. Sometimes the media doesn’t elaborate enough on what’s going on, and sometimes they blow things out of proportion. It’s really hard to tell, and I’m often faced with several different views, theories and speculations for one single issue, be it social, economic or some global event. Who to trust, how to know the truth?
This, specifically for this question, applies for the recession we’ve experienced. Is it really getting better? Was it even that bad to start with? How do you think this is shaping our future?