Hey, did you hear? It seems that the rescission is over!
WASHINGTON — The longest recession the country has endured since World War II ended in June 2009, a group that dates the beginning and end of recessions declared Monday.
The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., said the recession lasted 18 months. It started in December 2007 and ended in June 2009. Previously the longest postwar downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.
The decision makes official what many economists have believed for some time, that the recession ended in the summer of 2009. The economy started growing again in the July-to-September quarter of 2009, after a record four straight quarters of declines. Thus, the April-to-June quarter of 2009, marked the last quarter when the economy was shrinking. At that time, it contracted just 0.7 percent, after suffering through much deeper declines. That factored into the NBER's decision to pinpoint the end of the recession in June.
To make its determination, the NBER looks at figures that make up the nation's gross domestic product, which measures the total value of goods and services produced within the United States. It also reviews incomes, employment and industrial activity.
The economy lost 7.3 million jobs in the 2007-2009 recession, also the most in the post World War II period.
The NBER normally takes its time in declaring a recession has started or ended.
For instance, the NBER announced in December 2008 that the recession had actually started one year earlier, in December 2007.
Similarly, it declared in July 2003 that the 2001 recession was over. It actually ended 20 months earlier, in November 2001.
Its determination is of interest to economic historians - and political leaders. Recessions that occur on their watch pose political risks.
In President George W. Bush's eight years in office, the United States fell into two recessions. The first started in March 2001 and ended that November. The second one started in December 2007.
NBER's decision means little to ordinary Americans now muddling through a sluggish economic recovery and a weak jobs market. Unemployment is 9.6 percent and has been stuck at high levels since the recession ended.
Many will continue to struggle.
So... all of you complaining about no jobs and suffering a life-long stagnation and depression of our generation's wages, foreclosures, and so much more just aren't living in reality. The recession is over duders.
Sure enough, the recession was declared over in 2009, that goes tto show you just how much of an outdated news article I'm writing right now.
But you know what, they're actually right about this. Specifically because "Recessions" are defined solely in terms of GDP growth. So yes, this claim is actually true. For the sake of argument the recession is over.
The whole article is entirely about the strict definition of a recession and not any other secondary or lasting effects that it might have and as such is completely accurate in its statement. The very strictly defined term used by economists show that total GDP is growing and not shrinking and says literally nothing about anything else including employment, income, inequality, or any other metric that one might use to gauge the overall economic health of a nation.
In other words, it's this arbitrary term used by economists that literally make the term recession become meaningless as it makes no measures as to what we could call the "real economic health" of a nation.
You see, what we are in isn't a recession. It's just a simple matter that our entire social and economic structure is just so fucked up beyond belief and repair. There's a difference. It's kind of hilarious how nothing is ever going to get better within our lifetime, and things will continue to become worse.
I'm actually really surprised and amazed that the people haven't overthrown the rich and had their heads stuck on pikes by now. We sure have become a lazy society. Come on kiddies, just think of how many Xbox achievements you'll unlock when you kill the rich.
Just think about this, there's a group that dates the beginning and end of recessions. If there's a job that is recession proof, it's that one right there. Though now that we're out of a recession, do they lose their job?
Just goes to show you that capitalism is the permanent recession. We should all bow down and hail GDP! It's the tree of free market that must be refreshed from time to time with bailouts and government intervention. You mainly just have to know how to sell it to the "little people." Because they're the foot soldiers in any revolution. If you want them on your side, though, you can't insult their lack of intelligence.
You see, fine folks just like me, the recession is gone. Now is another fine opportunity for you young bootstrappers to hoist yourself into the capitalist class. Say it with me, and say it proud!
Fuck you, Got mine, and yours too!