Really? Then why do I have so many clients?
This is one of those times when the economists prove how very silly they can be while being technically correct. We’ve all heard the joke about the Dr who comes out of surgery gloating about what a success the operation was and only at the last moment does he acknowledge that the patient also died. That’s kind of what the economists are saying/doing. The economy hit it’s bottom sometime last summer, and given that what they measure isn’t current health, just relative health, what they are really saying is that the Fall of 2009 was better than in the Spring. Talk about damning something with faint praise!!
I’ve actually never heard of a way to measure economic health. We live in a world where what matters is our ability to pay the rent/mortgage and grocery bills, and while economists live in same world, what they study has some very serious disconnects. So while the “Recession” is over, that isn’t the same as saying the economy is healthy and if we include all of the people out of work and underemployed, then the economy is seriously struggling.
So when I read that the “Recession” over, I’m sure it’s true, it’s just not very meaningful.