Is the Recession Over?August 2, 2010
Split DecisionWe're looking for signs of recovery but the verdict is still out. Economists appear to be split down the middle regarding the most pressing financial question for everyone: Is the recession over?The Nieman Watchdog Reports from Harvard, as well as the most recent report from Economy Watch, are getting analyzed and re-analyzed, as economists, journalists and lay people alike try to figure it out. Carol Forsloff of Digital Journal has parsed the points of those reports, comparing its rather bleak outlook with a more positive forecast that was published by Science Daily in November 2009.In depth report:Economists say U.S. poised for worsening financial catastrophesDigital Journal sip itWhile some are seeing losses from their 401(k)s rebound as stock portfolios continue to rise and seemingly stabilize, the caveats are everywhere:• the recent upswing in stocks is the result of government stimulus money only• high unemployment• banks still Ponzi their own books• national debt• $3.8 trillion budget blueprint• health care costs...and the list goes on.Living in a state of chronic pessimism isn't very helpful but living in a state of denial about the scope of the problems and the time it will take to correct them — and believing that everything can return to "normal" — probably isn't realistic. A new normal is arriving, as the following reports make very clear. And with that, we'll all continue to make course corrections and adjustments.NewsSip
Photo Credit: Bread by Peggy Greb
