The pathetic notion set forth by the National Bureau of Economic Research group that the recession has been over since 2009 can't even be taken seriously.
While they attempt to say they took other things into consideration, the key factor was the GDP. The problem and joke with that is throwing of money at the problem via the stimulus is included in the jacked up numbers of the GDP, giving the illusion of a recovery.
That's why when the gimmicks and money ran out, the naked economy was revealed to be what it continues to be: recessionary, and possibly heading to a depression.
The usual attempt to slap this type of garbage down by pointing to the obvious in relationship to no jobs being created is largely ignored, and simply identified as historically being a "lagging indicator." That was also said concerning the depressed housing market as well, among other lagging indicators.
Bizarrely they said the continuing downturn in the US could inflict long-term damage on the economy, resulting in long-term unemployment. All of this with no recession. Amazing how bad things can get in a "recovery."
One thing I do like that these people publicly stated was if there is an economic downturn, it'll be a new recession, not a continuation of the one that allegedly is over.
What time will surely tell - and hopefully will result in the removal of these people who aren't anybody from being taken seriously as economists - is the recession in fact never ended, and covering their rearends by saying if there is a new recession it's not connected to the old one, will expose their agenda and intentions.
That statement that if there is another recession it's a new one, is meaningless. We must accept their conclusion they're telling us, and they're actually trying to control the future outlook for the ongoing recession by saying it will be a new one.
In other words, it's an attempt to protect Keynesianism. If the stimulus is said to have failed, and the recession has continued on, it blows away the anemic economic theory on the spot, leaving even more confusion and needed explanations as to what is really going on.
The answer to economic weakness isn't the government or central banks, it's the removal of barriers to businesses and allowing the free market to thrive.
There can be no doubt we're still in a recession, and no manipulation of the numbers or data can change that fact. Happy days aren't here again, and there is no yellow brick road to follow. As a matter of fact we can rightly say, "goodbye yellow brick road."