I declare the recession over. I know what you’re thinking, who am I to make such a declaration? Granted, I am but one newspaper editor on a tiny patch of earth called the San Francisco Peninsula. But I’m tired of this recession. And so are most of you. So let’s just call it over, be done with it and move on with living our lives. Remember when you used to not worry about buying new clothes, going out to dinner or taking a vacation? That was fun, so let’s get back to it. After all, if we keep waiting for experts to tell us to go out and buy stuff, hire people and spend money on whatever, it will never happen.
Earlier this month, April 2 in fact, economists were saying the "recovery was for real.” Even President Obama got into it when he said, "We are beginning to turn a corner,” although that was in a North Carolina battery plant that received stimulus funds and he was trying to convince people the American Recovery and Reinvestment Act was working. Part of the corner we were turning was also attributed to the 700,000 head counters hired for census, but you have to take good news when it comes. Perhaps we should keep the census going the next few years. Head counters can expand their roles and start counting other things like household televisions, pets or shiny objects. Now that’s stimulating.
But I digress. Here we were relishing the news that we turned the corner from the bad bad alley of the recession to a new street of prosperity. The stock market is around 11,000 and earnings reports are showing progress. But then, the meanies at the National Bureau of Economic Research came out with the report this week that the "trough date ... would be premature,” which in econospeak seems to mean we still have a foot on recession alley. Our pal Bernanke seems to playing along with his recent statement that we’re still in the recession though the, "recovery in economic activity appears to have began in the second half of last year.” Well, of course it has. We were in the middle of the biggest reddest hole we’ve all seen in years.
With inventories reduced and payrolls slashed, earnings are squeaking up and the stock market is up, up and away. So what if unemployment is still down, credit is tighter than a Michelin at 70 psi and state and local governments are swamped with more negative numbers on the balance sheet since maybe 1981? Is it the fear it can get worse? Is it the double-dip? Well don’t worry about it. Can’t we all just agree not to cash out our stocks or at least learn that short selling can be fun?
We can all agree that the recession began in December 2007 and that it is starting to get better. Isn’t that enough to decide to finally move to recovery? After all, I declare it so. If Alan Greenspan can be wrong 30 percent of the time, then I think maybe I might have a chance of being slightly more right than him at least sometimes. Are you with me? Then go forth and recover.
Jon Mays is the editor in chief of the Daily Journal. He can be reached at jon@smdailyjournal.com.
Keep the discussion civilized. Absolutely NO
personal attacks or insults directed toward writers, nor others who
make comments. Keep it clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. Don't threaten. Threats of harming another
person will not be tolerated. Be truthful. Don't knowingly lie about anyone
or anything. Be proactive. Use the 'Report' link on
each comment to let us know of abusive posts. PLEASE TURN OFF YOUR CAPS LOCK. Anyone violating these rules will be issued a
warning. After the warning, comment privileges can be
revoked.
Please purchase a Premium Subscription to continue reading.
To continue, please log in, or sign up for a new account.
We offer one free story view per month. If you register for an account, you will get two additional story views. After those three total views, we ask that you support us with a subscription.
A subscription to our digital content is so much more than just access to our valuable content. It means you’re helping to support a local community institution that has, from its very start, supported the betterment of our society. Thank you very much!
(0) comments
Welcome to the discussion.
Log In
Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't threaten. Threats of harming another person will not be tolerated.
Be truthful. Don't knowingly lie about anyone or anything.
Be proactive. Use the 'Report' link on each comment to let us know of abusive posts.
PLEASE TURN OFF YOUR CAPS LOCK.
Anyone violating these rules will be issued a warning. After the warning, comment privileges can be revoked.