Do You Really Believe the Recession Is Really Over?
Many US economists are proclaiming the recession that is being experienced over the last twenty-two months, over. The problem is the American public beg to disagree. A recent CNN poll found that close to 85% of the people polled still held the view that the recession was on. Thus reality and perception are not adding up.
A true declaration of the recession possible will not be officially made until sometime in 2010. Current indicators seem to point to a positive economic upturn. Between July and September the US economy had a growth of just below 3%. The rate of job losses in the economy also fell in November to its lowest monthly level since early 2008 and unemployment has also fallen to 10%.
Yet all the current signs pointed to and the optimism shared by most economists is not supported by the average person in the country. The disparity has to do with the fact the economists look at the figures, so when the worst has occurred it can only get better. Whilst the average person believes that just because the worst has past does not mean it is not still very bad. So even though most people think that things are not getting any worse they also believe the recession is still on.
The problem also lies in the fact that all the gains in the economy has been very modest a best especially for any average American family. So people are not feeling or seeing any serious change to their daily lives. People still can’t find jobs and are not earning as much as they used to. Many even still feel that the country is still likely to enter into another depression.
The economic statistics may show that the current depression is over but until this translates into people seeing improvements top their daily lives then public support will remain negative. People need to see jobs being created, salaries back at 100%, and credit being made available to feel things are changing.
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