NBER: Recession ended last June
Just in case you hadn鈥檛 realized it or that it doesn鈥檛 seem like it, according to the National Bureau of Economic Research, the recession ended in June of 2009. You see they got together and had a and decided that last June the U.S. economy turned positive.
Never mind that the U.3 and U.6 unemployment rates were 9.4% and 16.4%, respectively, in May of 2009, supposedly the last month of the recession while last month鈥檚 U.3 and U.6 stood at 9.6% and 16.7%. Real Private Fixed Investment continues to sink. Consumer and business . One in 8 people in America are according to Reuters. And in three-quarters of U.S. cities foreclosure .
According to a CNBC poll, 90% of Americans are . There is talk of another stimulus package at the White House and more quantitative easing from the Fed. Evidently, the wise ones in Washington weren鈥檛 on the NBER conference call.
The CNBC poll also revealed, 鈥淎 clear majority of Americans, 55 percent, believe that the president鈥檚 economic plans have made things worse, running up the deficit without ending the recession or creating new jobs.
鈥淥nly 42 percent say the president鈥檚 policies have helped avert a worse crisis and are laying the groundwork for further growth.鈥�
The folks at NBER must know something the rest of us don鈥檛. Even rich folks are unhappy with the way things are going. They first took a hit on their stock portfolios, then their real estate holdings and now the President would like more tax money from them to pay for the continued Keynesian stimulus programs that have lifted us out of the financial meltdown and the recession (except no one realizes it). Paul Krugman has for 鈥渢he world鈥檚 luckiest people,鈥� who are 鈥渨allowing in self-pity and self-righteousness鈥� and 鈥渉ave a belligerent sense of entitlement has taken hold: it鈥檚 their money, and they have the right to keep it.鈥�
In related news, the Japanese Prime Minister 鈥�$11 billion stimulus plan designed to promote job creation, coax shoppers back into stores, and stem the surge in the value of the yen,鈥� and the lowering the value of the yen 鈥渢o protect the economy.鈥�
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