Many Americans believe that the 2008-2009 downturn never ended
Friday's news on GDP shows the double dip has arrived — an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse.
The U.S. has entered a second recession. It may not be as bad as the first. Economists say that the Great Recession began in December 2007 and lasted until July 2009. That may be the way that the economy was seen through the eyes of experts, but many Americans do not believe that the 2008-2009 downturn ever ended. A Gallup poll released in April found that 29 percent of those queried thought the economy was in a “depression” and 26 percent said that the original recession had persisted into 2011.
2 comments:
Politicians, generally wealthy and well off (John McCain "I don't really know how many houses I own..) and experts (well paid, too), think the recession is abating (or "not so bad") because they don't care how much the electric bill is or how high gasoline goes, or what the unemployment rate is --- it doesn't affect them. Tell us how it feels, please, to be laid off after 16 yrs at your job and have to take 2 part time jobs to compensate (benefits? HA! what benefits?). Oh yeah, thats right, they don't have a clue.
Bush's fault!!
Not!
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