Recession over?
Sunday, September 6, 2009 2:14 AM
I say no. What do you say? Are you planning on spending as much money, about the same, or less than what you used to back in 2007? I'm spending less. I say that but I haven't been tracking it very well. I believe it's less because I'm not making any more money than I did last year. I'm not spending any money this weekend on strip clubs.
Even if government spending causes a temporary increase in GDP, I don't believe that will last if consumer spending is still contracting. Another million people out of work in another 4 months should put a further damper on consumer spending. Maybe things will get twice as good as in August and that number will only be another 500,000 people out of work in 4 months. For projections, I read the old style of counting unemployed would put the current unemployment at 16.8%.
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The height of the unemployment I believe could reach about 33% in another 3 years. That would be worse than the Great Depression. At least our money is still available and still worth something for those of us working. Hopefully our government doesn't make it worthless.
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