“It’s official,” reads the cheery CNN Money headline, “Recession since Dec. ’07.” The National Bureau of Economic Research apparently has a “Business Cycle Dating Committee” that identifies “peaks and troughs” in our economy, and the Committee today announced that December 2007 was the peak after America’s early-21st-Century recession — and payroll employment has declined ever since.
Not everyone agrees — BizzyBlog says the NBER is “full of crap” and that the recession didn’t start till June, “led by Nancy Pelosi, Barack Obama, and Harry Reid.” But the most prominent conservative econ bloggers are either terse about it or off the grid. The market also offered a reaction.
It doesn’t have to be bad news– after recession comes recovery, right? Well… usually. Look at it this way. You like Depression glass? Good news — soon you’ll have a cupboard full of it!