Recession ended in June 2009

[redrumloa]

Economic panel says recession ended in June 2009

http://finance.yahoo.com/news/Economic- ... et=&ccode=

WASHINGTON (AP) -- The longest recession the country has endured since the Great Depression ended in June 2009, a group that dates the beginning and end of recessions declared Monday.

The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., said the recession lasted 18 months. It started in December 2007 and ended in June 2009. Previously the longest post World War II downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.

The NBER decision makes official what many economists have believed for some time, that the recession ended in the summer of 2009.

I am so glad to hear! Obama and all of our leaders did a miraculous job turning this country around. I am glad to hear everything is hunky dory and everyone is working.

 

[ilwrath]

Of course, according to an informal MSNBC poll almost 85% of the nation would disagree.

And besides, didn't Bush save us from the recession way back in 2003? I could have sworn that was in the 2003 State of the Union address........

The only real difference between these two bullshitters is that after 10+ consecutive years of down times, the lies are a lot harder to hide. Ya gotta think there's a storm brewin'...

 

[faethor]

And besides, didn't Bush save us from the recession way back in 2003? I could have sworn that was in the 2003 State of the Union address........

The only real difference between these two bullshitters is that after 10+ consecutive years of down times, the lies are a lot harder to hide. Ya gotta think there's a storm brewin'...

The fine point here is how is a recession defined. Newspapers often used a shrinking GDP as the indicators. Because GDP has grown we're no longer in a recession. That doesn't speak to job availability, growth in poverty levels or other factors in the economy. The Business Cycle Dating Committee at the National Bureau of Economic Research uses the valley and peaks of economic cycles. Again not indicative of poverty levels or job availability within the economy.

We can look to the Bush 'recovery' to see the activity in the nation. While we were 'out of a recession' the number of jobs under Bush was about the same level as the # of college graduates. This means there was no significant job creation. In this category economic growth tracked the same rate as population growth. We can look at other values such as savings, net worth of a family and see the Bush decade was a loss for the average American. We can look at other factors such as the ratio of CEO to worker pay and again see one of the largest ratios (4xx:1) since the robber barron era. Another indicator of loss of the average American worker. So while there was 'no recession' the period wasn't kind on the average American. The economy was a float for a couple of years until in 2007 the bottom fell out under Bush.

American banks and American companies are sitting on LOTS of cash. The proper incentivies must be put into the system to encourage spending. As they hire new workers, in turn workers will put the money back into the system.

As for the storm brewing. It's here for the USA. We've had 30 years of trickle down economics which as moved cash out of the pockets of the average American and into the coiffers of banks and companies. The VooDoo economics must be abandoned. However, to do this IS going to mean pain.

One thing I see is the US is losing it's technical clout in the world. We see China captured about 50% of the alternative energy market. They have millions of jobs in this sector. They are making money in this sector, worldwide. The USA is pissing about if Global Warming is real or not. Who cares! It's the next big technological innovation let's get on the bus. We already missed the millions of jobs that could have otherwise helped our economy.

 

[cecilia]

One thing I see is the US is losing it's technical clout in the world. We see China captured about 50% of the alternative energy market. They have millions of jobs in this sector. They are making money in this sector, worldwide. The USA is pissing about if Global Warming is real or not. Who cares! It's the next big technological innovation let's get on the bus. We already missed the millions of jobs that could have otherwise helped our economy.

BINGO!

and every time I have pointed this out some fake republican misses the reality of it all.

fortunately for me I don't wait for others to get with the program. I make my own luck