Fayetteville Arkansas, University of Arkansas--Old Main Overview

Fayetteville Arkansas, University of Arkansas--Old Main Overview
Overview of Fayetteville, AR

Wednesday, September 29, 2010

The Recession Supposedly Ended in 2009 – Who Knew?

The powers that be (The National Bureau of Economic Research) have declared the recession over – going so far as to say it actually ended in June 2009. I suppose that’s good news to politicians and statisticians but most regular families don’t believe it and have not seen any proof of it.

Statistics by academic economists don’t impress an unemployed person who is struggling to pay his bills and feed his family. Nor do they influence the family who just lost their home to foreclosure.

More than 15 months have passed since June 2009. Consumer confidence is still low, though slightly higher than it was. Home sales have dropped off a cliff compared to 2009 and that year was nothing to brag about. Unemployment is still high and we’re told it may go still higher.

Mortgage rates are near an all-time low but homes aren’t selling because even the employed folks worry about job security.

This recession has been one of the longest and most devastating I can recall. So many people are seriously distressed and demoralized. Most everyone has suffered to one degree or another.

I can only hope the average person will soon see evidence of the recession’s end. That will mean that they might actually get out an want to buy a house.

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