Not so positive news
To millions of Americans — especially those unable to find decent-paying jobs, or struggling to keep businesses alive or fighting to maintain minimum levels of government service — the announcement Monday that the economic recession officially ended more than a year ago is of little consolation.
The National Bureau of Economic Research said the recession that began in December 2007 officially ended in June 2009. It added, “The committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity ... The committee determined only that the recession ended and recovery began that month.”
Some recovery. Unemployment nationwide has hovered at just under 10 percent. Retail sales and housing have been stagnant. Overall economic growth for the nation has been barely positive.
In separate news, the Colorado state budget is expected to face a $250 million shortfall in the current fiscal year, and lawmakers will have to cut another $1.1 billion from the budget that begins next July 1, according to economists for the state.
The recession may have officially ended 15 months ago, but its effects will be felt for a long time to come.