Recession pain still real, despite end, Obama says

[babylonsister]

Recession pain still real, despite end, Obama says
AP
By JULIE PACE, Associated Press Writer – 27 mins ago


snip//

Focusing on the poor economic conditions that existed when he took office, Obama said, "The hole was so deep that a lot of people out there are still hurting."

He spoke shortly after the National Bureau of Economic Research, a private panel of economists that dates the beginnings and ends of recessions, said the downturn that began in December 2007 ended in June 2009. At 18 months, that makes it the longest recession since World War II.

"Something that took ten years to create is going to take a little more time to solve," Obama said.

"Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it's still very real for them," Obama said.

He participated in the hour-long session before heading to Pennsylvania to raise money for Democratic Senate candidate Joe Sestak, who is locked in a tight race for a seat considered a must-win for the president's party. The seat is currently in Democratic hands, but polls show it to be a tight race.

more...

http://news.yahoo.com/s/ap/20100920/ap_on_bi_ge/us_obama

[indepat]

1. While the recession might be over, the depression will linger for a generation or more imo

;)

[Ian David]

2. IIRC, a "Recession" is a Trend, not an A or B state.

In other words, if the recession is ending, that just means that the economy is no longer in a death spiral, but trending toward improvement-- not that it's all better.

That's if I understand correctly.

[vaberella]

3. You do.

The economy at it's bare state--development and GDP may be rising or healing somewhat but it's people's perceptions which are the problem...that's a fundamental element to a true prosperous economy and that's what's lacking right now.

[Ian David]

4. Oh, wow. I rarely get these things correct. Thanks! n/t

[canoeist52]

5. It's not just their "perception"

that friends are about to lose their home next week because of an inability to find work that can cover their modest mortgage after a job loss last year. This affects the attitudes of everyone who knows of them and their situation's economic views.

This is reality - not a perception.