Cynical Synapse

Mon, 17 Aug 2009

“Recession is Over” Party—Not!

Filed under: Bailout, Business, Economy, Government, Life — cynicalsynapse @ 7:37 am

The recession is over

During the last week or two, a number of sources have been talking about seeing an end to the recession. It seems the so-called experts have been clamoring for the “recession is over” party. The problem is, ordinary folk don’t see it that way. From the Common Peoples Source for News:

Standing in line for unemployment benefits.

A special report by The Washington Post, “A Recovery Only a Statistician Can Love“, says although the statistics point toward a recovery, there’s no reason for the average person to get excited. They point out the fact that once the 2001 recession ended it took 55 months (4 years, 7 months) “before a greater share of Americans had jobs”.

While July unemployment numbers seem superficially better, they don’t reflect reality for most Americans. In mid-July, Michigan reported unemployment at 15.2%, the highest in the nation. And the change may reflect folks hopeless about finding a job.

Beyond the ordinary folk, even Wall Street is not back up to snuff. Consumers are no longer willing to reward “less bad” news. And significant bailout money is still out there.

So, while the recession may be over, the recovery may still be slow.

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