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The recession will be over once people can find jobs

Published: Tuesday, September 8, 2009

Updated: Monday, August 30, 2010 17:08

It's insulting that government economists and some media outlets are claiming the recession is over. I would like to see Ben Bernanke, chair of the Federal Reserve or the editor in chief of Newsweek, tell that to someone who has just been laid off. They should tell that to someone who has worked for a company for thirty years, who has a family to feed, who no longer has any self worth. The recession may be over in the eyes of economists, but to most Americans the recession is still very much a reality. Most people don't care about our country's GDP or if the DOW Jones went up a hundred points. What the average person does care about is if they have a job, if they can pay their bills on time, if they can live a life without the stranglehold of debt and poverty. If the federal government thinks the economy is getting better, this proves how out of touch they are with the people they represent. For some people the recession will never be over. For example, an elderly person whose life savings was invested in mutual funds, money they were able to live on and now have lost and time prohibits them from getting it back. Or someone who got laid off, losing their health insurance and then finding out they have a life threatening illness, an illness they can no longer afford to treat. Despite the reality of the still ailing economy and the hardship it has inflicted on millions of people, some government officials are trying to tell us that everything is getting better, that everything will be okay. They do this not be informative or cheery, they feed us false optimism so their approval rating in some poll can go up two percentage points for that week. Sadly, our government tends to use times of tragedy as a way to manipulate our vulnerable feelings and thoughts in way that is beneficial for them. Our economic system is complicated--understanding why and when it will rise and fall is no easy task. Whenever I hear Tim Geithner, secrectary of the Treasury, explain the various facets of the economy I feel as if I need a translater, that and an aspirin. I can understand if economists and the government are wrong about the economy once and awhile. Economists are basically weathermen who crunch numbers. These are the guys who have pocket protectors and tape on the nose of their glasses. Definitely not people persons. However, some things are obvious and do not need to be explained by nerds. If people are not working and can't find a job-the economy must still be in trouble. Economists try to make the economy seem more elaborate and intricate then it really is. The economy is you, me, your parents and even the weird guy at the bus stop who talks to himself. The economy is just people and how much money they have. The most important facet of the economy should be labor and its success or failure should be determined by labor and not GDP. Who cares about GDP? I bet a third of the people reading this don't know what GDP even stands for, and if you do-congratulations, it is useless knowledge. Currently, the national unemployment rate is around 10 percent. This is the only statistic economists and government should focus on. If people are working and receiving adequate wages then all of the other economic sectors will rebound. Not until the unemployment rate significantly decreases are we out of a recession and everything else is moot and meaningless to most people. The stack market can go up 300 hundred points tomorrow, Goldman Sacks can earn in another billion dollars in profit next quarter and people will still be getting laid off, still suffering because they are apart of economic system that apparently no longer needs them. The reason we have an economy is to provide structure and a means to provide financial opportunities for people. Our economy currently is providing opportunities for a very select few. It may be better for those who weren't affected in the first place, but not for everyday people. Not until the unemployment rate drops to around four percent will the recession be over. And the next time this happens, lets not worry about the banks as much, lets worry about the real backbone of the economy--the American worker.

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