September 20, 2010 at 5:53 pm (Uncategorized) (bailout, banks, banksters, criminals, Democrats, depression, economy, expansion, GDP, homeless, jobless, June, National Bureau of Economic Research, NBER, politicians, poor, recession, recovery, Republicans, socialsim, unemployment, Wall Street, workers)
Surely you noticed how much better the economy has gotten in the last 15 months.
Well, neither have I. But the National Bureau of Economic Research, the august body charged with officially declaring when recessions start & stop, has officially declared that our latest recession ended in June 2009. An expansion started in July 2009.
Yes, I know, like you my first inclination was to almost fall out of my chair laughing. But in its report the NBER reminds us that they “…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 recession ended and a recovery began in that month.” Then they caution that business activity sometimes lags well into an economic expansion.
Sure, I think we all understand that the economy doesn’t instantly return to normal after a downturn. But 15 MONTHS should be more than enough time for the ground to stop falling out from under the feet of the bottom 90% of the country! And out here in the real world, that is the world outside D.C. & NYC, the ground is continuing to fall. Businesses are still closing, houses are still foreclosing, & jobs are still evaporating. And yet the NBER declares we are in a 15 month economic expansion & the politicians will happily grab onto that declaration as an excuse to keep ignoring the disaster they have brought upon the nation. After all, why help the jobless & poor when the rising tide is again lifting all boats?
Well, I think it is obvious that if the measurements show this is an economic expansion then THERE IS SOMETHING VERY WRONG WITH THE MEASUREMENTS! I do not pretend to know how the books are being cooked, do you? I suspect that all those bailouts to banksters & Wall Street con-artists & increased profits for offshoring our jobs is now being falsely measured as rising GDP (Gross Domestic Product). When a large portion, perhaps a majority, of a nation’s citizens can be on the financial ropes but the statistics show things getting better & the experts believe it, then the wrong things are being measured & the experts are fools.
One last thing. I keep hearing the “leaders” & “experts” telling us that we are in a long-term “jobless recovery.” They better keep in mind that for 300 or so million Americans it doesn’t matter how great corporate profits are or how high the Dow average or even how much the GDP grows. If all those things don’t translate into prosperity & a good quality of life for the citizens, then to Hell with the corporations, the government, & the few people who are doing great for themselves. That is why the corporations & government exist in the first place… to bring a good life to our communities!