Are We Still In A Recession ?

Are we still in a recession? The answer to that question might depend on who you are. Wikipedia defines a recession as a slowdown in economic activity. The Websters Dictionary says it is a "temporary decline in economic activity or prosperity". Economists would define it as negative growth in Gross Domestic Product (GDP) for two quarters or more.

If you believe the economists, then we are not in a recession. We are currently showing positive economic growth -- although it is less than a 1% annual rate of growth. The Wall Street bankers and the corporate moguls would agree that the recession is over, because they have returned to making record profits and giving enormous bonuses. For them, good times are back.

But most Americans are not economists, Wall Street bankers, or corporate moguls. And they know the truth. The recession is not over for them. They know that there are 16.6 million Americans unemployed (probably more). They know that while the government says unemployment is at an unacceptable 9.1%, the real figure is closer to 10.8%. They know there are another 8.8 million people working part-time jobs because there is no full-time work for them.

And they know that for those lucky enough to still have a job, wages are stagnant and there's no guarantee their jobs won't be sent to China or India tomorrow. They also know the prices for food, gas, clothing, and housing are still rising -- things they cannot do without. And they know they are being squeezed harder and hurt more with each passing month. They know the recession is not over for them.

This attitude of most Americans is born out by a new CNN/ORC Poll. The poll was taken August 24th and 25th of 927 registered voters selected randomly nationwide (and has a 3 point margin of error). The poll asked a couple of questions. Is the economy in a recession? How bad is that recession? Here are the results:

IS THE ECONOMY CURRENTLY IN A RECESSION?
Yes...............82%
No...............18%

HOW BAD IS THE RECESSION?
Serious...............35%
Moderate...............34%
Mild...............13%
No recession...............18%

That's pretty clear. The vast majority of Americans know things are not right with the economy. Wall Street may be doing great, but Main Street is not. And the folks on Main Street know something else -- the recession won't be over until the unemployment situation is fixed. The poll then asked a third question:

WHAT SHOULD OBAMA CONSIDER MOST IMPORTANT?
Reducing the deficit...............30%
Creating jobs...............68%
No opinion...............2%

It looks like the people are finally figuring out the real solution to this economic mess we're in. The recession won't be over -- and the deficit won't be reduced -- until Americans are put back to work. After all, people can't feed their families or pay their taxes unless they have a job. That's just common sense.

Now if our elected federal officials could just figure out what the people already know, maybe we could get back on the road to recovery.