The Recession Is Not Over

NPR reports today that new home sales in August were the second worst ever. Unemployment remains painfully high. Homes are still “underwater” and getting foreclosed on at record rates. The number of people who do not have health insurance and are excluded from the nation's health care system continues to rise. American manufacturing jobs keep getting outsourced overseas.

By any reasonable definition of the word the American economy is still in recession.

Economists who say that the recession is over need to have their heads examined.

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