Experts confirm the obvious: US Economy In Recession

December 1, 2008

New York (Chattahbox) – After months of avid denial, confirmation has finally been released of what we all knew, or at least feared, to be true: we are in a recession. However, as more details have been released, the picture became even more grave. The recession is not a recent event, but has in fact been going on since December of 2007, long before many had started to feel the true effects of the downturn.

While we are still far from the tragedies of the Great Depression, the length of the current crisis is alarming, and it doesn’t look as though it will end soon. According to experts there is no projected end to the problem, and even with current plans by President-Elect Barack Obama and his specially chosen committee, it is unlikely any real action will be taken until after his inauguration in January.

In the meantime, there are continued bail outs for corporations, and hope for further stimulus packages for citizens. But should we do anything at all? According to Lakshman Achuthan, the answer is ‘no’.

“All the hand waving and real cash that policymakers are throwing at the problem won’t change the fact we’re stuck in this nasty recession,” claims the managing director of the Economic Cycle Research Insititute. “The ultimate cure of a recession is letting it run its course.”

Washington strongly disagrees. But whether we continue to spend money on programs to cushion the fall, or wait to see what happens, there can be no doubt as to the tragedy this recession is causing now. With hundred of thousands of Americans currently unemployed, and more to follow as companies cut costs or shut down all together, it seems like a horrible waiting game either way. And so far, the average Joe taxpayer is the one whose paying.


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