Quote:
Originally Posted by EE-BO
Macallan- you are right. Technically we are not in a recession- not even close actually.
But I wonder if maybe the term recession needs re-defining in this era when for the first time in modern history there truly is a global economic infrastructure developing.
Most US companies who have shown really great results this quarter derived much of that from foreign growth. And even many of them have seen a serious slowdown in US sales. Starbucks and McDonalds are two good examples.
Right now we are not technically in a recession under the current definition, but for a great many Americans it is definitely a recessionary time.
And while I think globally things are looking a bit better, here in the US things are going to get far worse in the next 12 months for the average American.
The poverty statistics are off too. They do not take into account housing costs- which are what have risen the most dramatically in the last decade. At a time when foreclosures are rising, rents are up dramatically which really hits the poorest Americans right in the gut.
Point being- the numbers look pretty rosy, and they are for a certain segment of our population. But they also cover up a long-coming crisis for a lot of people.
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Received this news digest as I was reading this:
today's papers: A summary of what's in the major U.S. newspapers.
Recession Lessened
http://www.slate.com/id/2190560?wpisrc=newsletter
While we may not be in one today, I am not to hopeful about tomorrow.
I really hope I am wrong. Time will tell.
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