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Official Announcement: U.S. In Recession Since December 2007
It’s now official: here’s an announcement that many Americans already knew, despite the White House’s efforts for more than a year not to use the dreaded word, despite talk radio hosts saying it was merely overblown and inaccurate rhetoric by Democrats and despite Phil Gramm’s instance that those who complained were whiners with fiscal mental problems:
The United States has been in a recession since December 2007, CNN reports:
The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .
The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.
“The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment,” said the group’s statement. “This series reached a peak in December 2007 and has declined every month since then.”
The full text of the NBER is HERE.
8 Responses to “Official Announcement: U.S. In Recession Since December 2007”
So glad the government and media are keeping us up with the latest “news”
You ever read economics blogs like calculated risk? He predicted back in March that they would eventually date it starting in December.
[...] Gandelman at the Moderate Voice says the news comes “despite the White House’s efforts for more than a year not to use the dreade…, despite talk radio hosts saying it was merely overblown and inaccurate rhetoric by Democrats and [...]
It is an _admission_, of something which a) can't be concealed any more; b) can be admitted now that the election is behind us and the new crew in charge of the vessel is already starting to be formed (i.e., Obama's administration and changes to the Congress).
Cynics can add that the admission may be the basis for more bailouts on Wall Street as well as a way to hype the economy to discourage Obama's “progressive” supporters from getting any more anxious than they already are to see “progress” after Obama's inauguration (all kinds of lefty agenda items, that is, constrained or postponed by economy-related concerns).
Hahaha. Which rock did these people crawl out from under? I see… it was one made of glittering gold and rosy rubies.
To put things into perspective, look at the graph (“Bad Times”) here, you Nation of Whiners [tm].
http://online.wsj.com/article/SB122815304785769…
Bonus graphs:
http://www.rba.gov.au/PublicationsAndResearch/S…
http://www.rba.gov.au/PublicationsAndResearch/S…
http://www.rba.gov.au/PublicationsAndResearch/S…
http://www.rba.gov.au/Speeches/2004/_Images/270…
http://www.rba.gov.au/Speeches/2004/_Images/270…
Cheers!
nice article! nice site. you're in my rss feed now
keep it up
You ever read economics blogs like calculated risk? He predicted back in March that they would eventually date it starting in December.
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