For those counting on the robust US economy (export-dependent countries like Japan and China, for example), good luck, unless you're selling goods to the Obama government.
From Business Insider (1/4/2013), showing the chart by Calculated Risk blog:
The "Great Recession", according to the economists in the Business Cycle Dating Committee of the National Bureau of Economic Research, started in December 2007 (huh?) and ended in June 2009 (huh?).
That's 42 months ago from the right edge of the chart above. Some recovery.
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6 comments:
Yeah, this stuff about the recession being over is just lies in the media, frankly. We are in a depression, but I think the governments don't want to label it as such because that would scare people. It is sort of like the term 'genocide' where you can have a genocide going on, but the UN won't call it that because it has legal connotations and if it is official a genocide then they have to do something. Whereas if it is mass killing, they don't.
On the other hand, according to the graph, it never got as bad as the recession Reagan brought to the U.S. economy. Reagan was able to borrow and spend the nation out of his recession because he had the cooperation of both Republicans and Democrats, unlike Obama. The Republicans would garrote their own grandmothers to hurt him politically.
Calm down, folks. This is a tough one to get out of, because it was built up over so many years as Americans got lazier, took more drugs, worked less, played more and lost their competitive edge (and borrowed their asses off to keep up their lifestyle). However, things are (somewhat) turning around as we become energy independent, reduce compensation to workers and become more competitive. We will stay at or her the top of the league tables and, no, China will not pass us by in per capita income. It's easy to complain.....just get back to work. You will be better off.
I think the government leader should take seriously about the "great recession" that still ongoing on the mind of the people on how to overcome it.
The government for the next few years is stuck. It has to gradually get the debt problem under control by raising taxes somewhat (which it did) and lowering expenditures a bit (interesting to see if Obama has any interest in this whatsoever). We will probably muddle our way through this. In the meantime, people should think less about what the government should do for them and more about what they should do for themselves. It really is tge only option.
John, you almost sound like you've never worked an honest day in the real world outside the cushy banking business or the government (increasingly one and the same). Reduce compensation to workers? Sure. My paycheck got reduced exactly by 2% thanks to so-called fiscal cliff "deal". Just get back to work? Excuse me, what work? At your daddy's bank?
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