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A confusing “recovery”

by | 7:42 am, August 16, 2010 | 1 Comment

The term “jobless recovery” always has left me confused.  In fact, I’ve pondered the term on my show on more than one occasion. I don’t claim to be an economist but words should mean something.  So, exactly how can we be in a “recovery” when unemployment remains high — especially considering how much of our children’s money we have spent in a feeble attempt to keep unemployment below 8 percent as Christina Romer and the Obama administration promised?

Fortunately columnist Al Lewis clarifies for everyone. First he explains the prevailing description of our current economic situation:

After trillions of dollars worth of Federal Reserve maneuvers and government-stimulus spending, it became more benignly known as “the recovery.”

It’s since been called the fragile recovery, the sluggish recovery and even the jobless recovery. With the national debt at staggering levels, you could even call it the expensive recovery. But it’s always the recovery. Never, the recession.

Just last week, Fed officials actually began calling it the “slowed” recovery.

Refreshingly Lewis doesn’t buy the term “recovery” and calls a spade a spade:

To call it any kind of a recovery is profoundly blinding…

Why?

We rarely hear from unemployed economists, because economists work for banks, and banks get bailouts, or they work for governments that tax and print money. If more economists got pink slips, we’d likely hear more about the damage that double-digit unemployment does to an economy over an extended period of time.

As Lewis puts it, we never really recovered in the first place.

Category: Colorado Politics, Politics
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Comments

  1.   Chuck Moe
      August 16th, 2010 @ 9:30 am

    That’s exactly right. There never was a recovery in the first place. The government hasn’t allowed the correction to fully take place and until it does, the ‘recovery’ will be long and slow. The government in fact is still trying to keep the bubble inflated.

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