With unemployment still running about 9.6 percent, and many of the people who are still working being less than fully employed, it is obvious that many Americans are suffering from a long, continuing recession.
When did the recession “begin”?
Some economic “experts” tell us it began in December 2007.
The bigger question is “When will it end?”
The National Bureau of Economic Research claims it has already ended – in June 2009!
But with lots of people still out of work, it would be hard to convince them that the recession is over.
Already, this is the longest recession since World War II!
During the past year and a half, it is reported that about 7.3 million jobs have disappeared. That means hardship for many people.
One example of the bad effects is that nearly 2.5 million homes have been repossessed. Just consider what that has meant very personally to millions of unfortunate families – men, women and children.
They certainly do not think the recession is over.
There are lots of things that cause recessions. It will take doing many things “right” to end this one.
Excessive government taxing and spending have hurt the economy, discouraged business and killed jobs, contributing to the recession. Too much potentially productive money has been frightened out of the economy, reducing personal opportunities and adding to the hardship.
One reason for the premature claims that the recession is “over” is that some politicians see elections coming, and they are afraid many voters will hold them accountable.
But the recession will not really be over until there are enough free-enterprise opportunities to produce reasonable paychecks for all of our people who really need to work and want to work.
To end the recession, we need to reduce many of the negatives that government imposes – such as excessive taxing and regulating – to allow enterprising Americans to seize opportunities to do things that people need, to employ them so they can earn good paychecks, and enable them to buy the goods and services that justify growing employment.
The basic problem is that – in both government and some businesses – we have done too many economically depressing things and not enough economically productive ones.
Will we change our depressing ways, or continue to suffer longer?