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Despite what the "experts," say, most Americans are going to look at this proclamation as a bit of a joke – just like most people mainly just chuckled after the Bureau was a year late in calling the start of the recession. We don't need to look far to see why people will be skeptical about the so-called "end" of the recession.
Unemployment is still very high: at 9.6% nationwide, and far higher (about 16%) for African Americans. Just last week, the government told us that one in seven Americans (44 million) are now living in poverty, and that 50.7 million U.S. citizens are currently without health insurance.
All of this is to speak nothing of the trillions of dollars that have been lost in recent years in the stock market, the last decade of lost wage growth, and the persistent debt problems (housing debt, credit card debt, student loan debt, etc.) plaguing so many individuals and families.
With depressing challenges like these, it's kind of hard to buy the notion that we've truly turned the corner and that the economy has rebounded from its painful decline. Do you believe the recession is truly over? Why or why not?
Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'
Comments: (11)
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By: BiggRedd on 9/20/2010 7:51PM
Are you kidding me? Economic indicators need to be placed smack dead in the middle of any inner city in America, before that statement can be made.
I think its time to start preserving our nation by evening out the trade deficits and increase tariffs on imported goods. Incentives need to be provided to domestic companies as well, to at least attempt to keep production jobs in house versus sending them overseas.
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By: Smore on 9/22/2010 2:17PM
I am jobless.
I understand everyone's frustration, as I am weeks from losing my car. Still, I will remain positive that things will improve, but change is not instantaneous. It takes more time than most of us are prepared for.
(1) Economics is a social-behavioral science. It is contigent on human perception and human reaction. That said, this recession will alleviate once American companies believe it is safe to hire people and get the ball rolling once again.
(2) Recessions seem to occur every 10 or 11 years in this country. Better prepare for the next one, folks. It's inevitable. Doesn't matter who the hell is in office (can't blame it all on Obama, either, since it began before he was elected.)
(3) Be prepared to do without for a little while longer, as the country needs evidence in jobs, not a motivating declaration, that the recession is over.
(4) Give it to God and He will give us what we need for the day, as tomorrow isn't promised. Our grandparents suffered worse than we ever did, and they made it.
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By: giantslor on 9/21/2010 4:55PM
If we go by the accepted definition of a recession, which is two consecutive quarters of shrinking GDP, then the recession is over. What we are in now is a period of economic sluggishness.
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By: Igby on 9/22/2010 2:17PM
Thanks. However, it still doesn't make broke-assed people feel any better. Our only solace is knowing that this, too, shall pass.
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By: The Truth on 9/21/2010 7:33AM
If you have "maintained" an investment portfolio it would be up around 15% if you remained in from the stock market crash of 2008.
If you got scared and got out of the market at the bottom you would have lost around 50% of your investments at that point.
The stock market should be viewed as a long term investment and I belive the idea the "recession is over" is based on the DJIA performance data. Of course if you're referring to employment numbers that's a different story. Don't worry things will definitely pick-up for the holidays and jobs will return for all who get off their ass and go look for one. BUT!...I'm certain those (undeserving) on welfare or trying to extend the unemployment benefit free ride won't be wanting to change things up any time soon.
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By: Shoshanna on 9/21/2010 7:36AM
Wow, that's great news! The only problem is I'm STILL behind on my mortgage, STILL can't find a second job to save my life and STILL can't sell my house to break even. Maybe the recession is over for some people but I don't know any.
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By: I naturallly have faith and I ain't gotta force it or act frustrated. on 10/02/2010 1:34PM
LOL I ain't slappin nobody just give me my natural health and natural beauty and love from above and I KNOW money will look for ME.
When you have so many innate qualities, how can you really stress? Work on yourself and pay attention to when your value really lies...that's what recessions are for. Then when it gets poppin' again, you'll be making waaay more than what you thought you were before, and it will actually MEAN more this time.
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By: meanvee on 9/21/2010 1:34PM
Don't believe the hype, this recession is far from over people, continue to save those coins.
http://www.CoinandBillCounters.com - recommended piggy banks also.
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By: sharon on 9/21/2010 7:44PM
ha, ha, ha, if it's over why don't i have any money?
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By: Igby on 9/22/2010 2:31PM
True. It has given me the opportunity to finish my first novel draft, seeing as I haven't jack to do but look for work and wait. In a way, adversity makes way for us to make our own luck. Still, I am tired of being broke--I won't lie to kick it.
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