Economic panel: The recession ended in June 2009, now quit yer complainin’
Bottoms up!
According to the National Bureau of Economic Research this morning, the recession officially ended in June 2009.
Waiting for the new White House “reeducation” campaign to school all of us ignoramuses. Cue “Happy Days are Here Again” and break out the Wagyu beef!
Note well the NBER’s caveats:
The bureau’s Business Cycle Dating Committee, which met Sunday, stresses that it does not conclude that economic conditions since then have been favorable or that the economy has returned the working at a normal capacity, only that from a statistical standpoint the recession ended 14 months ago.
“The trough marks the end of the declining phase and the start of the rising phase of the business cycle,” the bureau says. “Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.”
***
Meanwhile in Nevada…
Even as thousands of Nevadans abandoned the state’s workforce, unemployment in the Silver State has risen to a record yet again, new numbers reveal.
The latest statistics from the Department of Employment, Training & Rehabilitation show a statewide jobless rate in August of 14.4 percent, up from 14.3 percent in July and 12.5 percent in the same month a year earlier.
Unemployment in Las Vegas fell to 14.7 percent, down from 14.8 percent in July but up from 13 percent in August 2009.
Nationally, joblessness was at 9.6 percent in August.
Since May, Nevada has posted the nation’s highest jobless rate. Roughly 192,000 Nevadans lack jobs and are looking for work, with 142,000 of them living in the Las Vegas Valley.
More than 10,000 workers left the labor pool in August, either because they were too discouraged to seek jobs or because they decided to try their fortunes outside the state.
Harry Reid’s remedy? Why, an illegal alien student bailout, of course!
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Say What?
So the Bush Recession ended in June 2009. Then all this heartache is solely the fault of team Obama and their failed Democrat progressive policies.
Required timing of second recession for a “double-dip” is…?
I sure am glad the recession was over a year and some change ago.
Wow, with all these jobs and all this 0% unemployment… I just don’t know what to do with myself.
Thank God! It sucks being unemployed in a recession. Now that the recession is over, it doesn’t suck anymore.
I can hear all the homeless under the freeway overpasses cheering this – Thank you Uncle Obama!!
So, does this mean Bush will get credit for ending the recession, since Obama hadn’t been there long enough to Do Something?
I’m sure all the unemployed, including myself, will be thrilled to know that everything is peachy keen.
Then it ain’t the end of the recession, is it Poinyoindexter?! Sheesh, what utter jabberwocky!
Just keep saying it, O. You might just convince yourself it is true. Just keep saying it…
If they are going to state something this laughable, why didn’t they say it ended on January 20, 2009 at the exact second Obama was sworn in?
So instead of Americans being fed a steady diet of strychnine from this government for the last two years, they now have us on ethylene glycol. We should be feeling better any time now…
They forgot to add that there are rainbows in the sky, unicorns running freely, and children enjoying a day of frolicking down near a river made of pure chocolate.
Hey, if it’s good enough for the ‘sterno bums’, it’s good enough for us!
That bird on Obama’s podium looks like the fabled golden albatross. One can only hope it will end up around his neck instead of ours.
Cue the music…
Happy Days are Here Again
Willy Wonka: [making a mysterious formula] Invention, my dear friends, is 93% perspiration, 6% electricity, 4% evaporation, and 2% butterscotch ripple.
What I hate most about the Leftists is not that they are stupid, because they are not, generally, but it is that they are willfully ignorant. That cannot be countenenced by any thinking person.
Orwell predicted the Ago of Obama:
Whatever the Party holds to be the truth, is truth. It is impossible to see reality except by looking through the eyes of the Party. That is the fact that you have got to relearn, Winston. It needs an act of self-destruction, an effort of the will. You must humble yourself before you can become sane.’
He paused for a few moments, as though to allow what he had been saying to sink in.
‘Do you remember,’ he went on, ‘writing in your diary, “Freedom is the freedom to say that two plus two make four”?’
‘Yes,’ said Winston.
O’Brien held up his left hand, its back towards Winston, with the thumb hidden and the four fingers extended.
‘How many fingers am I holding up, Winston?’
‘Four.’
‘And if the party says that it is not four but five — then how many?’
The Party said the Recession ended. To think otherwise is to be insane.
Long live The Party. Pass the Wagyu please.
Get ready for recovery winter …
Stuff straw under your jacket and wrap rags around your feet?
We haven’t had good times like this since Valley Forge.
Even in spite of this destructive little man and his compliant comrades in Congress, the American economy if fighting gallently for life and prosperity. Can you imagine how well we will be doing when the tax and spend engines are shut down next year? The only thing better is if we can see some of these people prosecuted and thrown in jail. Dodd, Frank, Schumer, Geithner….
The trouble with deciding when a recession “begins” or “ends” arises from the nature of economics — it’s not so much a science as an art form — coupled with the proclivity of economists to behave like academic political partisans. In 2007 they needed to have a recession to help install more donks into office, so presto! They got one.
In 2009 it became inconvenient to have a recession, so presto! It magically ended in the same way it began.
If you get enough propeller-head types of the correct political persuasion together, they can agree on anything no matter how absurd it seems to the layman: it wasn’t too long ago that some panel of “historians” ranked Hope-a-Dope as the 4th greatest president in US history, as I recall.
“Only a member of the intelligentsia could believe such a thing; no ordinary man could be such a fool.”
- George Orwell
***
What good news–the Bush caused recession is over! And with 6+ more years of Comrade Obama (PBUH) and his socialist / marxist / communist ilk in control–we can finally catch up with Fidel Castro’s socially just Cuban economy!
***
And in an unrelated American Pravda article–Big Brother just increased the monthly chocolate ration from 2 ounces to 1 ounce. The people are ecstatic.
***
John Bibb
***
This administration is full of “pure imagination”.
If they would only decrease our allotment of vodka in similar fashion!
Well, I guess the stimulus did work. And since its been over a year and the ecnomy isn’t rolling along, I guess we need another stimulus package to get us going again.
What is Obeyme and the people who grovel for him thinking? Yeah, like the vast majority of real thinking Americans are going to believe this drivel. Please. I’m going next door and tell my unemployed neighbors that good economic times will be starting tomorrow.
So is that when a depression started to begin?
It may well be true (though I seriously doubt it!) that the economy stopped receding in 6/09. But it hasn’t proceeded much since then!
Cheese – I appreciate the economic wisdom but I’m having a little trouble with your terminology. I assume Poinyoindexter was the father of economic supply/demand theory and jabberwocky is what happens when liberals try to spend their way out of a recession? Type slowly please – I majored in computer science and blew off my economics courses.
Obama finally fingered the true cause of the recession and I quote:
Now I get it!
With the recession officially ending in June 2009, that suggests that the economy was already recovering when Obama took office. So if we are in recession again now or later, it should be called the Obama recession.
First, there are no Dexters working at the NBER.
Plus, Poinyoin was disowned by Pater Dexter decades ago!
One of the black (racism alert!) sheeple of the family I presume?
Great news for the unemployed! And they thought that they lost their jobs all of this time.
Dang unemployed don’t know when to shut up, obviously. I’d be interested to know whether government growth counts toward the GDP. If so, no wonder the recession ended: we were expanding the unsustainable public sector.
Everything is a figment of their imagination.
It is simple. The recession ended. The depression did not.
Really. Economic activity has not recovered to where it was. Adjusting for population growth, it will not recover to where it was for a very long time.
That is what terrible economic policy gets you: a long depression.
These economists served our country very poorly.
Had they announced their findings promptly last year, many millions more lives would have been TOUCHED by Obama’s soothing magic!
I think these economists are just as trustworthy as the IPCC, and just as accurate.
More stimuli!
The government’s share of GDP rose from around 37% in 2008 to around 44% presently, and it’s still rising. Per the BEA’s press release Friday,
So by spending more of your money, the government makes it appear as though it’s improving the economy. What percentage of imports came from government purchases?
Also note in the BEA report that corporate income tax increases outweighed corporate profit increases.
Oops, sorry. The BEA report was released on a Friday–but it was August 27th. Even so, the rise in GDP looks as though it was accomplished in large part by the government taking your money and spending it their way.
Really? Wow, I’m so gratified to know that, after 2 years of unemployment, I might potentially, at least, find a temporary dead-end job. Or, if I’m lucky, I get to “enjoy” being a military spouse for 2 more years before my husband retires and must get another job to make end’s meat.
It’s wonderful to know that there are 300k teachers out of work who have added to the teacher surplus and glut. Knowing that, I know there is no way I’ll ever teach in social studies ever again. What will Obumbler tell those folks? Retrain? Add more student loan debt to their credit cards? I’ve been there and done that.
Our economy is stagnating. Nobody is hiring unless you want to work at some part-time, seasonal job that will only be temporary. I really get a kick out of these academics who use staffing agency hiring as a measure of “real” employment growth. Really? What happens when that temp job dries up or doesn’t turn permanent? I’d love to hear their explanation on that one.
We’re still in a recession and my family has tightened spending. We are trying to start a family and we’ll adjust our budget for that reality but won’t be getting any baby extras or designer baby clothes. I’m sure I won’t be the only one.
Who knew that the Great Depression actually ended in July 1930 and that all that below normal economic activity that happened for the next ten years was just the usual cycle.
Do these government pinheads get paid to vomit this excrement? They must have taken economics from Paul Krugman.
The recession ENDED in June of 2009?
Yeah ok Skippy. That’s why I lost my job for the last time in June of 2009. Went back on unemployment. It ran out. Some booming economy there, huh?
Since then, I have been forced to go into business for myself, which has been a pretty good deal. Still, there hasn’t been the proper time to build the business to the point where I can make a proper living.
No, folks, the reality is that for me, the recession BEGAN in June of 2009, and it’s still going on. Tax cuts would help, even if only to give my clients and prospects more disposable income.
But even that isn’t the point. The point is that even if the federal government could positively influence the economy (which it can’t, except by ceasing to try to do so), it is not authorized by the Constitution to do so.
The Founders had it right. Time to go back to their way.
RWR
http://www.rightwingrocker.com