Alone in the Car: Memo to Self--the Recession was over in 2009

I keep forgetting --the Great Recession was over in June, 2009. (See: http://blogs.wsj.com/economics/2010/09/20/nber-recession-ended-in-june-2009/) The regular viewers know I call it a Depression, but I am recognizing the National Bureau of Economic Research who determines when recessions start and end.

Just a little more than 2 years later, I have to say, I am not feeling the difference between the Summer of 2009 and the Summer of 2011.


I am still seeing people I know not sure if they will keep their jobs or not, large corporations announcing major layoffs, and grocery stores reporting sales aren't what they used to be.  This article, http://www.stardem.com/business/article_f0cb9fb3-6003-50f1-a900-e14e2c65ef7a.html?mode=print, explains in easy to read language, how our economy is right now. Hiring increases don't look like they are going to happen any time soon. I always tell people to have an updated resume, but in these uncertain times, it is essential.

 One of the items in the article mentioned above is that 70% of U.S. economy depends upon consumer spending. Well, at least the upper class have returned to pre-recession activity. "High-end chains were again among the best performers in July(note--2011). Neiman Marcus (+7.7% comp gain), Nordstrom (+6.6%) and Saks (+15.6%) continue to outperform as the affluent have much stronger discretionary purchasing power allowing them to readily absorb significant price increases. Even though luxury goods stores are marking up prices, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy." See: http://retailsails.com/monthly-sales-summary/ We thank them for their contributions to the economy and for the jobs it creates.

Let us hope the Depression will soon be over for more Americans. That some entrepreneur will start a whole new industry or improve one so well that it puts us on top again. We have done both before. We are the ones that truly believe where one door closes, another opens. Do you have an idea that can be set into motion? Can you help your country?