The Recession That Wasn't

The experts at EPI.org

To "long term umemployment and jpt"

"the experts at EPI.org - they have rarely been wrong, if ever.. must be the Education that they have behind them, and that they really are no partisan, and don't have ulterior motives.. "

Just a thought on the non-partisanship and lack of ulterior motives at EPI, but I find it interesting that almost a third of their board of directors are employed as Union Presidents or AFL-CIO officers.

Tom of IA @ May 09, 2008 17:55:07 PM

Deal With Reality

Ma'am, if you have been unemployed from January 2007, when the recession didn't start at the earliest until the 4th quarter of that year, then it is absolutely certain that your unemployment wasn't caused by a recession. Especially since jobs are a lagging indicator, not a leading one.

I know it's comforting to blame the economy, but it's also comforting to blame the alignment of the planets.

Steven of TX @ May 09, 2008 17:50:36 PM

Savings

Daniel,

Savings accounts have been a terrible "investment" for generations.

Long-term "savings" should be in stocks, bonds, or the like.

Only a small amount cash should be in a savings/checking accounts. If someone has only a small amount of cash with no extra for long-term "savings", then interest on their savings is the least of their problems.

mockmook of DE @ May 09, 2008 17:37:38 PM

The question with me isn't whether we've crashed - we haven't - but whether we're going to crash in the next couple of quarters from the accumulation of bad news/expectations.

If the Democrats win the Trifecta in November - House, Senate, and White House I don't think there's any doubt that the economy will slide into recession as (a) fiscal policy changes to accomodate their loony-tune ideas and (b) their ideas are loony-tunes to begin with. "Tax and Spend" only works if capital can't fly away across the border and there will be much more profitable places to invest overseas if Pelosi gets her way here.

If the economy staggers along long enough the credit crunch will ease and oil speculation will burn itself out. Then the economy will come roaring back. I don't think the turnaround will come this year, unfortunately. it's to the media and the pundits' advantage to keep talking down the economy, at least through Election Day.

Orion of CA @ May 09, 2008 17:28:53 PM

The plural of anecdote is not data

To "Unemployed and Evicted":

I am sorry about your personal circumstances, but even in times of high growth there are educated and degreed people who have trouble finding jobs for any number of reasons. I have been continuously employed for 18 years. Does this prove there has NOT been a recession during that time?

Personal anecdotes of this sort prove nothing about whether we are in a recession or not.

Dana H. of CA @ May 09, 2008 17:18:18 PM

I don't think people's personal job issues should be held up as economic indicators. I have always thought economists would have just as much success with a magic eight ball to predict what will happen. I hope that he is right but really only time will tell.

Kat of DC @ May 09, 2008 17:14:49 PM

Re: Unemployed and Evicted = No Recession

Yes, that is how economics work. There is probably something wrong with you or maybe its just bad luck. Or you could be in an overheated job-market and unwilling to move (most likely). I heard that the South and Southwest are booming. You should take a look.

James of IL @ May 09, 2008 17:09:00 PM

The Last Recession Ended ? When ?

By reading stories from the AP, it would be impossible to determine when the Recession of 2001 ended, so how exactly can there be a new recession ?

Neo of PA @ May 09, 2008 17:07:22 PM