Tuesday, October 11, 2011
Recession Finally Over!!
Due 21 Oct 2011. What indicators do these economists cite when they remark "the recession is over?" Review at least 3.
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Welcome. This is a blog dedicated to the students enrolled in the CSHS AP Economics classes. Click on the title of the article, read, and click comment.
According to the economists mentioned in the article, our economy is finally out of recession officially. One of the indicators is the unemployment rate, which has dropped from 9.5% to 9.2%. However, there is still a reduction in the American standards of living. Many economists claim that we are finally out of recession based on our positive economic growth. On the other side, many economists see signs that the United States is about to enter another recession, although the evidence is mixed. I don't think we are out of the recession. We are in a depression instead of a recession in the first place. Although our economy is getting slightly better, our standards of living are still relatively low compared to the ones in the past. The banks are ruining our economy, and the politicians and officials need to do something to punish them and to protect the citizens.
ReplyDeleteThe economists draw upon the high rate of unemployment two years ago (9.5%) to this past June (9.2%). This is an indicator that the recession is over. On the other hand, economist Henry S. Farber believes that the recession is not over as it is harder for people who lost their jobs to find jobs. The people who are now finding jobs have to take pay cuts in order when hired again. The article also mentions that now we have the longest average unemployment time for a worker in more than 60 years. This is a sign that we are not totally done with this recession. I think it will take many years for our economy to go back to pre-recession (2007) progress. Multiple people are still looking for jobs, as those who are currently occupying Wall Street. We need to create more jobs, but also we will have to wait patiently to see the economy be prosperous again.
ReplyDeleteThe recession is claimed to be over. The first indication that the recession is over is the decrease in the unemployment rate. The fact that more individuals are finding jobs it great; however, many of them are taking pay cuts. Some economists believe that the recession is not over. They cite the fact that the time that a person remains unemployed it 40.5 weeks which is the longest time reported for the past 60 years. Two other economists also believed that the recession is not over. They said that an indicator is the rise in income inequality.
ReplyDeleteThe economy is said to be out of recession. The unemployment rate had fell from 9.5% to 9.2% within these two years. Though the unemployment rate had decreased, people are still looking for jobs in hard times. People who lost there job and got another, their pay is 17.5% decreased from their previous job. We are said to be"out" of the recession but it still takes time for the economy to be back on track. The unemployment percentage rate should decrease and household income should be increasing before we are said to be "out" of a recession.
ReplyDeleteEconomists in the article based their assumption that the recession is over off of the decrease in the unemployment rates from 9.5% to 9.2%. Of coarse many other economists feel that this doesn't account for the depreciation of average household income, or for the quality of life for a typical American. Furthermore the reasons why the unemployment may have fell could be because the amount of people that don't have jobs, yet are still not looking for one rose. If you ask me, whether or not we are in recession is errelevant what matters is how our economy is doing as a whole (not limited by technicalities)
ReplyDelete"That reduction occurred even though the unemployment rate fell slightly, to 9.2 percent in June compared with 9.5 percent two years earlier." We are said to be out of a recession at the current moment. The problem is, is that there are jobs out there and businesses are hiring, but the employees must be willing to accept lower wages compared to wages of his/her previous job. What really struck me was the median annual household incone among different ethnicities "declined by 7.8 percent for non-Hispanic whites, to $56,320, and by 6.8 percent for Hispanics, to $39,901. For blacks, household income declined 9.2 percent, to $31,784." I feel as if the economists should have also done the statistic of how many people went to college. I do believe with M. Green and Mr. Coder that we have been goingg in and out of recessions.
ReplyDeleteBTW this is Rebecca Horowitz. My google account won't let me post this but my AIM will.
One of the indicators is the unemployment rate that went from 9.5 percent to 9.2 percent. They feel that because the unemployment dropped in the last few years mean we are out of a recession. Really, the people employed are making less and the people who are looking for jobs are struggling even more.
ReplyDeleteThe main indicator that the recession is over is the unemployment rate decrease, decreasing from a rate of 9.5% to 9.2%. The article also points out that the average person is unemployed for 20 weeks shorter than the previous estimate. They also state that since June 2009, the economy has grown in every quarter. However, Green and Coder point out that despite these changes, many other factors could've played a role, such as employement type.
ReplyDeleteWhen claiming that the "recession is over", economists point out the measly drop in unemployment rate from 9.5% in 2009 to 9.2% in June this year. And although we are hip-ha-hooray, other economists have attributed this decrease to the people who have taken pay cuts in order to be hired again. (What an improvement!) Additionally, economists Mr. Green and Mr. Coder have noticed the plummeting 6.7% of household income after the recession. They note that perhaps we are once again traveling into a recession while there are those who think our "economy has grown."
ReplyDeleteThis is Kasey Litchfield..for some reason I can post under my google account still
ReplyDeleteIn order to back up their claims of the recession being over, economists cite indicators such as the unemployment rate falling from 9.5% in 2009 to 9.2%. While this is a decrease in the right direction it is not enough. Workers need to accept lower wages and bisinesses must be willing to hire more people.
Recession is just a word. Our economy may be on its way to recovery, but early economic expansion is FAR from any sort of comfort zone. The fact of the matter is, the American people should not be satisfied with Washington's claims until we're on a clear path to where we were during the Clinton administration.
ReplyDelete