Jenny EriksonGood news everyone! The recession is over! Even better, it's been over for 15 months. Wait, what? This is certainly news to me.
According to the National Bureau of Economic Research, the brains behind figuring out the beginnings and endings of recessions, the recession that began in December 2007 ended well over a year ago in June 2009.
"In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather, the committee determined only that the recession ended and a recovery began in that month."
So the recession is over, has been over, yet economic conditions remain unfavorable. And bureaucrats wonder why people are weary of them. As a side note, I wonder exactly how much money was spent determining that the recession has ended despite lack of evidence other than some GDP statistics?
Washington can say the recession is over as much as it likes, but that's not going to help anyone out there looking for a job or struggling to pay the bills.
The recession will be over when employers can actually hire employees again without being scared that our nanny-state government is going to pass some ridiculous law at midnight declaring that they now have to purchase health insurance for each of their employees.
Prosperity will flourish when people are allowed to keep and spend more of their own money. When the Bush tax cuts are extended indefinitely. When the government gets its big nose out of America's business and businesses.
The National Bureau of Economic Research says the recession is over. I believe that like I believe the check's in the mail.