The recession is over — but it doesn’t feel like it to anyone except economists. When I see a guy fall into a ten-foot hole, I say he’s in recession. When he hits bottom, picks himself up, and takes one step upward, I say that he’s out of recession and in recovery. The truth is that he’s nine feet down a ten-foot hole. That’s exactly where the American economy is today.
The strengths leading to the recovery include consumers having money in their pockets, thanks to having raised their savings rate in 2009. Businesses need to re-stock their inventory, which … Read the rest