Big news comes today from the National Bureau of Economic Research (NBER), a private, nonprofit research organization that announces the start and end dates of economic recessions. It has officially announced that the recession is over. The recession, which started in December 2007, lasted 18 months until June 2009 and was the biggest recession since World Word II, according to NBER’s website.
But is the recession really over?
In a recent town-hall meeting on CNBC, President Barack Obama asserts that even though the NBER officially announced that the recession is over, the economy still faces an uphill battle. Obama explains,
Something that took ten years to create is going to take a little more time to solve.
Well, clearly, Obama.
Make no mistake, the economy is a long way from being healthy and is still well below its pre-recession level of activity. The unemployment rate is a staggering 10% nationally. Of the 8.5 million jobs lost in the US during the recession, only 1.3 million of them have been recovered. The housing market still seems to be in shambles as well. Mortgage rates continue to inch lower and lower as the government tries to create an incentive for buyers.
People everywhere are skeptical of the news. Many Americans nationwide have expressed their concerns and will believe the recession is over when they see it firsthand in their own neighborhoods. A blogger said, “I’ll start believing the recession is over when I stop seeing endless numbers of people sleeping on the streets.”
Look around and judge for yourself. Is the recession really over?