Happy Days Are Here Again

You’ve surely heard by now. The recession is over. Branded our worst economic situation since the Great Depression, it took barely a year to whip the economy into shape.

Call me skeptical, but I think it’s a bit early to be declaring victory. I realize that everyone from the President to the Fed Chairman to the Secretary of Treasury issues a caveat with each of his positive pontifications, but I have to believe that there are a lot of Americans wondering what the heck these guys are talking about. They don’t see a thing that’s changed.

Slate Magazine has an interactive analysis of the situation from the standpoint of unemployment or job losses. It’s worth reviewing in trying to put together a coherent picture of what the real situation is today.

If the recession is over, I guess the lesson to be learned by those living during the Great Depression (although it’s too late for them to learn it) is that all the government needs to do is inject billions (probably millions back then) of dollars into the economy in all kinds of fits and starts, and the problem, however dire, is solved. We still don’t know, of course, the long-term impact of the government’s bailout action. But we’ll worry about that later.

For now, thanks to all employees who were laid off to help our return to prosperity. Thanks to all CEOs who took a couple of million less in bonuses to help as well. The CEOs are already taking big bonuses again, so I guess all laid off employees can expect to be hired most any day now.