Recession

I could have told you that before…

The National Bureau of Economic Research released a report today stating that the US has been in a recession for the past year. I would think that most people already knew that, but it’s “nice” that there’s now an official proclamation.

So, what does that really mean?

Not much, other than those of us who have said for months that we were in a recession are vindicated. A hollow victory, as it doesn't really change anything. However, since the recession is now official, maybe the politicians will take it more seriously. The Treasury has been making a lot of stabs at correcting the situation, but they seem more like the “solution du jour” than real plans. They, Congress, and their equivalents in the other major economic powers, need to come up with real solutions to the problems, and that includes real international cooperation, not just “feel good” pronouncements.