Technically, the recession ended long ago. For many the economic pain persists. Now there are signs of improvement beginning to reach the 99%. (The 1% don't have recessions.) Pundits and politicians on both sides of the ideological divide are busy taking credit or assigning blame. Each finds validation of their particular political ideology in the facts of this unfolding story. No matter how thinly you slice it, that is pure pandering baloney. We had a recession. A bad one. It started on President Bush's watch and is ending on President Obama's. Lucky Obama.
|Recession is Over|
Government policies had precious little to do with the start or end of the Great Recession. What can be fairly said is that deficit spending during this recession, just as it has in every recession since the Great Depression, reduced the pain of temporary economic hard times.
Now is not the time to be assigning credit or blame for the inevitable vicissitudes of the business cycle. It is time to assess what is happening in the longer term to the middle class and the American Dream. Both have suffered grievous harm from ill-advised policies that created Gilded Age income divergence and a growing wealth gap. These are the central economic and social issues of our time. Let's cease the chest-thumping and finger pointing and get to the real work.