What is the current state of the U.S. economy and is the recession over? Increases in Dow Jones Industrial Averages and companies stating positive earnings say the recession is over. According to recent reports, the recession has been over since June 2009.
However, the unemployment rate and the housing market prove otherwise. Drive up and down any street and if you look closely, you will see that every other house or two is up for sale or auction. This is because many families cannot afford to pay the mortgage on their homes. Although houses are up for sale or auction, people simply are not buying. Mortgage rates are dipping lower while government aims to create incentive for customers to buy. People simply are not falling for this because they cannot afford what they already have, so why would they go out and start over?
The unemployment rate is around ten percent for the nation. Those who lost pensions and benefits because of the recession are around twenty percent. People are able ready and willing to work but when the jobs are not available, they have no choice but to be unemployed.
Lawrence Summers the top economic advisor for President Obama, has not been able to stabilize the economy nor deliver a speedy recovery from the recession. He is leaving The White House at the end of this year.
Congress is meeting in the near future to discuss former Presidents George Bush’s tax cuts. It is possible the tax cuts will no longer be in effect after 2010.
Is the recession over? Despite reports that the recession is over, many feel the recession is not over. Prices on just about everything you buy are still going up. People are losing their homes because they are losing their jobs. So, is the recession over? You be the judge.
What is the current state of the economy? According to the government, the nation is okay and has been since June 2009. What do you think? Is our current state of the U.S. economy better and is the recession over?