FRONT PAGE CONTRIBUTOR
The Recession Ends
I’m nothing if not magnanimous.
I poked fun at the abrupt departure of Christina Romer from her sinecure as Chairman of the Council of Economic Advisers but I’m a big enough man to admit I was wrong.
Today the National Bureau of Economic Research, the Bilderbergerish group that decides when recessions begin and end by using all kinds of data and whether or not a Democrat is in office, declared the recession is over.
The longest recession the country has endured since World War II ended in June 2009, a group that dates the beginning and end of recessions declared Monday.
The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., said the recession lasted 18 months. It started in December 2007 and ended in June 2009. Previously the longest postwar downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.
The decision makes official what many economists have believed for some time, that the recession ended in the summer of 2009. The economy started growing again in the July-to-September quarter of 2009, after a record four straight quarters of declines. Thus, the April-to-June quarter of 2009, marked the last quarter when the economy was shrinking. At that time, it contracted just 0.7 percent, after suffering through much deeper declines. That factored into the NBER’s decision to pinpoint the end of the recession in June.
So I was wrong. Porkulus worked. The bailout of GM and Chrysler was money well spent. Everything is going just swimmingly. Mr. President, you have my apology for doubting you.