The Recession is Officially Over, For Whatever That's Worth
Crack open your finest can of beans, America, it's time to celebrate! According to Federal Reserve Chairbeard Ben Bernanke, the recession that's been going on for the past year and three-quarters is OVAH. Dunzo. Finito. Down for the count.
Final tally? America: 1. Econopocalypse: 0!
"From a technical perspective, the recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution. "It's still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was."
The recession, which started in December 2007, has claimed a net total of 6.9 million jobs.
Okay, okay. America: 1, Econopocalypse 0 + 6.9 million.
But who's counting? If you get all technical with the technical economic data, it spoils the fun.
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What is the 'technical perspective' over from which the recesssion is? If 6.9 million have lost jobs, countless more have seen retirement, health care, investments disappear, what's the yardstick?
My dad retired from the railroad (union) after 33 years at age 55. He and my mom (sent three children to college) had excellent health care, real estate assets, and no debt. Let's give them credit for decades of paying taxes, insurance, and retirement plans including social security. Why has that model suddenly become a bad thing? What went wrong? Who changed the model so that 25 year olds can't find work and 55 year olds are looking for a second career?
Fix it! Whatever it takes, do the hard thing and fix it. While you debate Americans die, despair, and doubt themselves. So they stayed in school, spent the money on college, worked odd jobs from the time they were 11. So what? "Like flies to mischievous boys are we to the gods. They kill us for their sport." Shame on you. Shame on you. Shame, for shame.
Econopocalypse is my new favorite word.