09 February 2009

The recession will end this year

I have repeatedly noted (see here and here) that the media and pundits are hugely exaggerating the seriousness of our present economic problems. The Congressional Budget Office apparently agrees; according to its forecasts, the recession will end in the second half of 2009, with unemployment peaking at 9.2% -- high by American standards but still well below the peak rate of the 1981-1982 recession. The original CBO report (PDF) is here, the relevant excerpt here. So much for the panic-mongering about a second Great Depression.

1 Comments:

Blogger Ranch Chimp said...

Greeting's Mr.Infidel...this is the kind of talk we need to hear more of out of the mainstream media. Why?...because we all can see by now that million's of job's are lost and more will be lost...the last other thing we need is the mainstream media pushing it...because the reality is...that every time the media bring's up certain thing's...our speculating new market...get's depressed...and the Dow spiral's into a spiral downturn that day...simply because of that report. Thank You.

10 February, 2009 17:26  

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