The Recession Is Over … Again
President Barack Obama’s top economic advisor declared that the U.S. recession was “over” on Sunday, following up a prediction that was made three months ago by Federal Reserve Chairman Ben Bernanke.
Lawrence Summers, director of Obama’s National Economic Council, made the pronouncement on this week’s edition of … um, This Week, which is the American Broadcasting Company’s weekly D.C. talking head show.
From ABC:
“Today, everybody agrees that the recession is over, and the question is what the pace of the expansion is going to be,” Summers said on ABC.
Council of Economic Advisers chairwoman Christina Romer agreed the recession was over in technical terms, but not in the minds of many people.
“You know, there’s the official definition, and that talks about just when do you turn the corner, when do you go from plummeting to finally starting to go back up. And I think we have at least in terms of GDP reached that point,” Romer said on NBC’s “Meet the Press.”
But, she added, “For the people on Main Street and throughout this country, they are still suffering, the unemployment rate’s still 10 percent.”
Happy days are here again, people.
Just in time for you to do a little more holiday shopping, right?
Comments
By Liberty For Me on December 14th, 2009 at 12:35 pm
Only morons feed into any of this…Ok, say sales are flat or up from this time last year.What does that mean? That everything is going to be OK? or, that because they printed so much money that it has delayed the effect of what is really happening?…The National debt is so large there is no way to ever pay it back and at the same time they are raising the debt ceiling.This is no recipe for anything except a collapse of our dollar.What is so hard to figure out?..The little up tick we have is false.Its like winning a game of checkers when your sitting on the deck of the Titanic