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The recession: Is it truly over?

The U.S. economy roared ahead in the final months of 2009, growing at its fastest rate in six years, as corporate America stopped slashing its inventories and again started to invest for the future.

Gross domestic product, the broadest measure of economic activity, rose at a 5.7 percent annual rate in the fourth quarter, the Commerce Department said Friday. That is the highest pace of growth since 2003, and it constitutes strong proof that the recession reached its end earlier in 2009. It was also a surprisingly positive result, well above the 4.6 percent rate of GDP growth forecasters had expected. Read the full article.

By Jodi Westrick  |  January 29, 2010; 10:48 AM ET  | Category:  National Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati  
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Since Obama insinuated that the recession was over--it absolutely must not be true.

Posted by: Greenwaver | January 29, 2010 1:20 PM

Barry the incompetent boob Obama's cabinet minister said it. That is no different than Barry himself saying it. Barry has a history of 'restating the economic results' a few weeks after the initial report and guess what: they are always restated downwards.

Not believing Barry's passel of lies.

Posted by: screwjob11 | January 29, 2010 1:28 PM

One thing I know, when the recession is over, so is the chance of republicans conning there way back to the white house in 2012. Republicans are hell bent on keeping America in a recession because they know it's the only chance they have at winning back the white house.

Posted by: kubrickstan | January 29, 2010 2:14 PM

Why are conservatives mad about this news? Whether the recession really is over or not, whether some of this increase in GDP is temporary or not, this is still favorable news. What's not to like about it? Oh yeah, the elections...

Posted by: DavidH3 | January 29, 2010 2:32 PM

I believe the recession is over and growth potential is solidly in place. There are leading indicators that are positive and lagging indicators that still need time to catch up. I am hopeful this will be a V shaped recovery. I am concerned that employment recovery will actually look more live a script, lower case "v" where employment will level off at a lower point than in previous recessions and previous decades. (In other words, official unemployment, which previously would level off at 5-6% after a recession, will now level off at 7-9%.) This may be the new reality for Americans, at least until the baby boomers start retiring en mass.

An ideological partisan would say it is Obama's fault or Bush's fault and point to some piece of tired evidence to support their conclusion. My take (without pointing to any evidence although I could) is that it is the fault of every administration and every congress starting, in earnest, from the time of Reagan. Each President and each congressman since the 80's has been complicit in their actions and inactions that have led to massive deficit spending with weak controls, a skewed tax structure that rewards those at either end of the income continuum instead of those in the middle, offshoring of jobs, a weakened (or nonexistent) manufacturing base, and, in general, poor regulatory controls over the economic engine.

I am tired of the same old partisan bickering that I have been hearing for decades. Instead of assigning blame (or maneuvering politically to assign blame), I wish that our citizenry and our political leadership would pull together and try to resolve our most serious problems in a cooperative way. Neither party gets everything they want but each party gets something.

To my eyes, recessions appear to be coming closer together and harsher; just as we fully recover, another one starts. If we don't call upon our leaders to stop their silly nonsense, the next recession may be right around the corner, and it could be even worse than the Great Recession.

Good luck to all.

Posted by: mraymond10 | January 29, 2010 3:34 PM

Who really knows what is going on behind the Financial billboards and twisted news slants we hear day-in, day-out. The truth is that the environment is being degraded. And even if it wasn't, fertile soil gets exhausted and can no longer support a certain amount of people in a certain area. Because people are busy "Filling the Earth" with as many humans possible without any definite number, that means there will be more poverty. This is the math.

Posted by: cloudyone | January 29, 2010 5:14 PM

Recession cannot be truly over until unemployment returns to below 5% or, at least, a consistent pattern of the increase in employment is observed for longer than a quarter.

Posted by: TalkingHead1 | January 29, 2010 6:04 PM

It's all a plot by the jews.

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Posted by: setrjhytkytjefthtjhyju | January 29, 2010 10:26 PM

the economy is growing because it decreased in size, it puked out over 30 million people...
the economy will again decrease in size depending on the stupid agenda the dems put forth and more people will be puked out...

Posted by: DwightCollins | January 30, 2010 6:31 AM

It took 8-years of the horrible economic policies thrust on us by the Republicans to cause this recession - which started in 2007. Obama is going to need at least a few years to undo the mess. However, if the Republicans in congress keep blocking Obama's reform, he will need 8-years to unravel their mess.

Posted by: WPL22 | January 30, 2010 8:10 AM

The Recession of Bush and Obama is in full force. But American economists measure the economy based on "growth", no matter that in the present case it's all due to the Stimulus money - not true economy wide expansion.
The real economy regarding plant under use, unemployment rates, home foreclosures are higher than ever. Obama is lying, in short.

Posted by: sperrico | January 30, 2010 12:26 PM

We still don't know if the light at the end of the tunnel is daylight or another train headed in our direction.

We don't need another train wreck. Obama's stimulus package was mostly political patronage and not really job creation. If the economy doesn't recover quick, there will be plenty of Democratic political obituaries.

Posted by: alance | January 30, 2010 12:39 PM

A large part of stimulus package was tax cuts. Now how do you create jobs from tax cuts?
The new idea is to give money for hiring. But what are the new hires to do when demand is down and factors capacity is low.

Are we going to sell many more cars this year. Still a thing is good is the Japanese car gas pedal seem not to work. Which means more american cars will be sold this year. If only all the foreign make things had that problem american industry could really pickup. If only the chinese workers had bad gas pedal we could get out of this economic mess.

Posted by: artg | January 30, 2010 1:02 PM

A jobless recovery is NOT a recovery.

Posted by: SUBLIMEWOODY | January 30, 2010 1:38 PM

Oh, dear God, nooooo!

It can't be over or even starting to be over!

Republican Leader Limbaugh and his lemmings would have one less thing to blame Obama for.

Posted by: coloradodog | January 30, 2010 8:42 PM

It's over, it's not over, yeah it is, no it aint'e, it's over and you caused it, lier you caused it, no you and your cronies
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Posted by: tnayew | January 30, 2010 10:22 PM

It is hard to believe the recession ever existed or exists now. Go into any "toy" store, and look what consumers choose. High end TV's, planet destroying vehicles, recreational vehicles, throwing money away at casinos, etc. Can't pay the mortgage? Whose fault is it that when people are so stupid they live off credit cards? All the while these wimps are complaining about the lack of affordable health care while refusing to take care of their own health. That alone will sink the USA with taxes allocated where they shouldn't be.

Posted by: chkpointe | January 31, 2010 9:12 AM

Recession is a technical term, it is not up for polling or debate - this is a stupid poll question. Why not ask how to people feel about the state of the economy, instead of supposrt citizen mis-education of what terms mean.

Posted by: keirreva | January 31, 2010 6:20 PM

I believe President Obama is on the right track with slashing those tax benefits to those companies who are sending our American jobs overseas! It's just a shame that is wasn't done sooner! Like over 8 years ago sooner! The recession will end soon when this law passes and all of our jobs come back to us!

This is a moment I can't wait to celebrate!

Posted by: NativeGirl101 | February 1, 2010 9:17 AM

As noted, a jobless recovery isn't a recovery (except to the heartless Chicago School advocates). Millions of people may still loose their housing due to foreclosure or drown in credit card debt - both due in many cases to job loss. Immoral US megabusiness only sees it's duty in short term profit while Europeans are rethinking capitalism and explicitly acknowledging their duty to create an environment where employment can begin to bloom (although so far it's mostly just words). Large scale capitalism has clearly failed. One way out of this morass is to stimulate small scale business (like SBA is supposed to facilitate) where small and new businesses are mentored through several years, have significant tax benefits, delayed small business loan repayment, credit for unemployment insurance during the period people run their new/small businesses, tax benefits for companies purchasing from those businesses, and a guaranteed, graduated low ceiling income for 2-3 years. The cost for this could be comparatively low, perhaps as low as $8B/year for 1M small and new businesses (2/3 of the cost of 1 month of war).

Posted by: kirtu | February 1, 2010 11:40 AM

Obama haters - memorize these numbers:
236 billion
103 billion
450 billion
362 billion
5.6 trillion

Lets start at the end - 5.6 trillion was the national debt as of the year 2000.
362 billion was the interest payment due on that debt in year 2000.
450 billion was the trade deficit as of year 2000.
103 billion was the interest payment from the social security surplus in year 2000
236 billion was the federal budget surplus in 2000.

Totals the debits and credits:
450 + 362 = 812 billion of debt
236 + 103 = 339 billion of credit

America was 473 billion in the hole in year 2000.

Then it turns out about 125 billion of the 236 billion budget surplus was due to a stock market bubbel that had already burst.

Need I continue?

Posted by: agapn9 | February 1, 2010 11:42 AM

So AGAPN9 the surplus never existed???? I am confused as to why Obama would make the deficit far worse, 1.6 Trillion with a T in his first year and another 1.6 Trillion with a T in his second year, come on now, smell the tea leaves. No wonder a Third Party is being created before our eyes, and Independent voters will sack Democrats and Republicans alike for having the same tune. Cheers

Posted by: zcxnissan | February 1, 2010 12:14 PM

This is not the effects of a recession only. This recession is coupled with a financial/credit meltdown. So GDP-business, trade, housing, and employement is going to have to grow together.

Posted by: Vonnie932 | February 1, 2010 1:13 PM

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