Recession ended in June 2009, economic panel says

[B_Marius567]

By Jeannine Aversa, AP Economics Writer
WASHINGTON — The longest recession since World War II ended in June 2009, according to the group that determines dates for the beginning and end of U.S. business cycles.
The Business Cycle Dating Committee of the National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., says the recession lasted 18 months. It started in December 2007 and ended in June 2009. Previously, the longest postwar downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.
The committee's determination is of interest to economic historians — and political leaders.
In President George W. Bush's eight years in office, the United States fell into two recessions. The first started in March 2001 and ended that November. The second one started in December 2007.
NBER's decision means little to ordinary Americans now struggling through a sluggish economic recovery and a weak jobs market. Unemployment is 9.6% and has been stuck at high levels since the recession ended.
Recession ended in June 2009, economic panel says - USATODAY.com


All those unemployed people should be THRILLED with this news.

 

[DevonTexas]

This is bullshit

 

[B_thenakedgardener]

recession, what recession? in the UK we are just trimming the fat

 

[DevonTexas]

recession, what recession? in the UK we are just trimming the fat

Hey, is it true your government wants to make employers pay them first and then they pay you, the employee? Just read about that this AM>

 

[bigtenohh]

Since Congress spends the money and votes economic policy, it seems it's time to put them on the unemployment line. Let them feel what a recession is like... eh?

 

[Pitbull]

The panel does not see any recession.
They all have jobs.

 

[BiItalianBro]

Oh thank God...ill go re-re-re-re fi my house and max out my cards!

 

[deleted15807]

You do understand that economic growth (no recession) does not equal full employment? The depth of the job losses during the Bush administration will take years to undo if ever. A bubble burst and until a new one comes along expect little improvement. Couple that with:

“[T]he long-term unemployment problem fits into a long-term pattern in which the old job skills of many Americans no longer match the job requirements in an information-age economy.”

U.S. Skill Shortages and Unemployment: The Current American Paradox | Britannica Blog

​

My office is FILLED with people from Asia. Why? Because there are no Americans qualified for the job.

​

 

[Deno]

Well that is because the major employer now is of high tech job market and most people looking for work are of this genre. Get more manf. jobs and stop spending stimulus money on the highest paid labor markets. Most of those jobs help by the stimulus are union jobs, I didn't think Highway construction jobs needed to be created they are there naturally. We need American made products back in the market place. I'm tired of paying high prices for stuff made in china so Target and Walmart exec can reap the profits off the American consumer. I want American made shoes and textiles and car parts and damn if every cell phone sold in the US was American made I doubt unemployment would be half of what it is.

 

[deleted15807]

Since Congress spends the money and votes economic policy, it seems it's time to put them on the unemployment line. Let them feel what a recession is like... eh?

And what's your plan for companies like Verizon that told my friends they now have a 80/20 software development policy? 80% will happen in India and 20% will happen in the US? What is Congress to do with those sellout's from Verizon? My friends are just waiting for the layoff notices.

When I bought my iMac I could watch it on FedEx's website being shipped to me from Shanghai. Sweet. Manufacturing has been outsourced to China. Everything electronic is pretty much gone to Asia. You can include textiles in that too. Well we can rest assured that if they want some F-16's or B-2's they have to come to us. Opps we can't sell them that, they could end up shooting us with our own guns bought with our own dollars. So what do we have they want?

 

[HiddenLacey]

Well that is because the major employer now is of high tech job market and most people looking for work are of this genre. Get more manf. jobs and stop spending stimulus money on the highest paid labor markets. Most of those jobs help by the stimulus are union jobs, I didn't think Highway construction jobs needed to be created they are there naturally. We need American made products back in the market place. I'm tired of paying high prices for stuff made in china so Target and Walmart exec can reap the profits off the American consumer. I want American made shoes and textiles and car parts and damn if every cell phone sold in the US was American made I doubt unemployment would be half of what it is.

New Balance, American made shoes, note partially American made....

All around me I still see friends moving to live with their parents and family members out of work with the repo man knocking after maxing out their credit cards just to pay their bills or for groceries.

I'm not so sure about the recession ending. If it is I don't see an increase in employers seeking employees. All I see is a constant scramble for work, but that's just my personal experience... it has to be getting better... the government says so...

 

[deleted15807]

I'm not so sure about the recession ending. If it is I don't see an increase in employers seeking employees.

You do understand that economic growth (no recession) does not equal full employment?

And there is an increase in employers seeking employees, they just don't have the skills they are seeking. By far it was those with less education that lost the most jobs such as fields like construction but it's not less education and construction workers that employers want.

And it's not the government that says the recession is over but The National Bureau of Economic Research which is not a government agency.

 

[HiddenLacey]

And there is an increase in employers seeking employees, they just don't have the skills they are seeking. By far it was those with less education that lost the most jobs such as fields like construction but it's not less education and construction workers that employers want.

I'm pissed off about it. The uneducated people who literally built the homes that half of the country reside in are suffering? Some of these people, people close to me are without insurance because it's to expensive, taxes are to expensive, power is to expensive, FOOD is to expensive...

Until I see help for those people NOTHING the government does impresses me at this point.

 

[deleted15807]

I'm pissed off about it. The uneducated people who literally built the homes that half of the country reside in are suffering? Some of these people, people close to me are without insurance because it's to expensive, taxes are to expensive, power is to expensive, FOOD is to expensive...

Until I see help for those people NOTHING the government does impresses me at this point.

What do you think government is supposed to do? I'm not sure people understand how much worse it could be if governments around the world didn't do what they did. We have (so far) avoided another Great Depression. Additionally every government did the same thing (stimulus packages, unemployment aid, financial rescue packages). As long as their is low demand employers really aren't going to hire in huge numbers and as long as people see unemployment is high they are not going to increase their demand. Classic Catch-22.

People are cutting back on credit cards which is a good thing but it depresses demand which means of course depressing the job market. People just spent too much in the last decade and now it's time to pay the fiddler and government can't do a thing to fix that.

 

[HiddenLacey]

What do you think government is supposed to do? I'm not sure people understand how much worse it could be if governments around the world didn't do what they did. We have (so far) avoided another Great Depression. Additionally every government did the same thing (stimulus packages, unemployment aid, financial rescue packages). As long as their is low demand employers really aren't going to hire in huge numbers and as long as people see unemployment is high they are not going to increase their demand. Classic Catch-22.

People are cutting back on credit cards which is a good thing but it depresses demand which means of course depressing the job market. People just spent too much in the last decade and now it's time to pay the fiddler and government can't do a thing to fix that.

This subject hits entirely to close to home for people that I love. This forum is not the proper place for me to vent my feelings.

 

[deleted15807]

This subject hits entirely to close to home for people that I love. This forum is not the proper place for me to vent my feelings.

Sorry to hear that. I recall my real estate agent 10 years ago urging me to buy more properties and rent them out. And I kept thinking boy that's a risky bet. Also home prices kept going up up up. And I kept thinking how is that possible? If paychecks eventually pay the mortage and paychecks weren't going up up up something's gotta give!! It's just too bad we let it happen.

 

[maxcok]

" Recession ended in June 2009, economic panel says "

Meanwhile, back at the reality station:

We have the biggest gap between the rich and poor in this country since the Great Depression 80 years ago, and it's growing. And Republicans want to extend Bush era tax cuts to the wealthiest Americans.

The number of Americans living without health insurance has increased since passage of that joke of a Healthcare bill to 50 million. The number of Americans living on food stamps has increased to a record 40 million.

The number of Americans living in poverty according to the official govt. definition (which doesn't begin to realistically define poverty in the US) has climbed to a record 44 million, 6 million more than when Bush took office, with tens of millions more right on the cusp. Hey thanks.

Salaries are stagnant or dropping, and unemployment hovers around 10% for the forseeable future. Meanwhile big banks and corporate employers sit on their fat assets waiting for Americans to go out and spend (read charge) money they don't have.

Charles Munger, VP of Berkshire Hathaway and billionaire Warren Buffet's good buddy praises bank bailouts and says poor people should "suck it in and cope":

Munger said everyone should "thank God" for the bank bailouts. "Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies," he continued. Munger said the bailouts were required to save America. But he said bailing out everyday Americans would have been a mistake.

"There's danger in just shoveling out money to people who say, 'My life is a little harder than it used to be,'" Munger said. "At a certain place you've got to say to the people, 'Suck it in and cope, buddy. Suck it in and cope.'"

Poverty in America | Change.org​

:rolleyes2:​

So the Great Recession is over, eh? woo hoo. Break out the champagne. Can we get that with food stamps? No? Well then can we trade them for stock options and derivatives??

Honestly, I think 99% of economists suck syphillitc donkey dicks and eat dirty ass.​

 

[HiddenLacey]

Sorry to hear that. I recall my real estate agent 10 years ago urging me to buy more properties and rent them out. And I kept thinking boy that's a risky bet. Also home prices kept going up up up. And I kept thinking how is that possible? If paychecks eventually pay the mortage and paychecks weren't going up up up something's gotta give!! It's just too bad we let it happen.

It's hard enough for me to piece together legiable sentences when I'm not passionate about something. The more upsetting something is for me the less sense I make. Call it a character flaw:smile: I understand that the government cannot step in and micromanage everyones lives. There are a lot of people who were not in debt over their heads that are sinking quickly right now, with no end in sight it fills me with anxiety. I tend to blurt out the first jumbled thoughts that my brain produces without taking the time to place them in order for others who don't have the joy *rolling eyes* of thinking the way I do.

 

[maxcok]

It's hard enough for me to piece together legiable sentences when I'm not passionate about something. The more upsetting something is for me the less sense I make. Call it a character flaw:smile: I understand that the government cannot step in and micromanage everyones lives. There are a lot of people who were not in debt over their heads that are sinking quickly right now, with no end in sight it fills me with anxiety. I tend to blurt out the first jumbled thoughts that my brain produces without taking the time to place them in order for others who don't have the joy *rolling eyes* of thinking the way I do.

This subject hits entirely to close to home for people that I love. This forum is not the proper place for me to vent my feelings.

Darlin, there's not a thing wrong with anything you've expressed. It's a helluva lot more real and pertinent than a bunch of damn statistics and 'economic measures'. Go ahead and vent.

 

[HiddenLacey]

Honestly, I think 99% of economists suck syphillitc donkey dicks and eat dirty ass.​

Haha, suck Donkey Dick! :biggrin1: Seriously the fat cats don't know what they are talking about. There are plenty of people that I see that have nothing and no way to get help. And I do mean NO way. It doesn't work for the self employed who haven't paid in their taxes...

When you don't have $5 to buy a loaf of bread and some peanut butter are they really supposed to worry about paying taxes on last years meager earnings?