It’s over.
After only a year and a half, making it the longest economic calamity since World
War II, a group of economic know-it-alls ruled that the recession-to-end-all-recessions is officially over.
Since December 2007, economic output has plunged 4.1 percent, the number of unemployed
has reached nearly 15 million, and it’s just been generally harder for us to pay for stuff like … rent and food.
We’re glad to finally see national newspaper headlines like “Stocks already reflect recession’s end” after the much-awaited announcement, but we know the truth of the matter lies in headlines like “End doesn’t mean everything is good.”
Because it doesn’t.
Sure, the stock market might be looking forward, and it might have a history of strong gains in the early stages of economic recovery. But the announcement that the Great Recession’s chapter is closed means nothing to the nearly 15 million unemployed Americans and the millions more Americans who are still underemployed as a result of our financial catastrophe.
Because a Band-Aid doesn’t exist for a boo-boo this big. A simple announcement won’t immediately stop the bleeding from our greenback lacerations, nor will it piece back together families ripped apart from foreclosures
and induced homelessness.
We’re glad to know economists think the Great Recession has been cleared for release, but a majority of Americans still have a long-term stay in the intensive care unit.
