U.S Fell Into a Recession December 2007
According to a panel of the Nation Bureau of Economic Research, the United States economy fell into a recession in December, 2007. CNN money has more:
The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy.
The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.
The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment," said the group's statement. "This series reached a peak in December 2007 and has declined every month since then."
Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. On Friday, economists are predicting the government will report a loss of another 325,000 jobs for November.








FTist to say
We need to get this thing officially categorized as a "recession" NOW. The right wing nut jubs are already trying to relabel this "The Obama Recession". Don't believe me?
Come 2012, if they pull of this switcheroo, many Americans may actually buy into the false concept that this recession had anything to do with Obama. That's the right-wing m.o., repeat a lie enough times and people start to believe it.
-- Yes we DID!!!! --
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By dtaylo75December 1, 2008 - 12:58pmI have hope that voters finally have stopped buying the
bullshit that repubs keep peddling. After all, we've had two elections now where repubs have thrown everything including the kitchen sink at dems, desperately trying to blame them for all the ills that Bush and his pet repub congress have created since 2000, and it not only hasn't worked, it has led to massive repub losses.
Common sense and facts tell us that the recession we are experiencing now started even before Obama got the nomination, much less before he won the election. You could just as accurately call this the Hillary Clinton recession, or the John McCain recession, or the Mike Huckabee recession. Of course, it would be more accurate to call this the George W. Bush/Dick Cheney/Phil Gramm/Alan Greenspan recession, as they were the ones who were making the plans and decisions that set this crisis in motion in the first place. They're ready to blame Obama for the days when the Dow sinks 400 points, but unwilling to then give him credit if it jumps up 400 points. The fact is that the market is reacting not to who is promising what when they get to the White House, but to the dismal economic reports that seem to come out every day. When the November sales data is released Thursday, it is likely to spur another bad day on Wall Street, as there will probably be a substantial drop in sales compared to the past few years. Gonna try and blame that on Obama too? Maybe he should have done like Bush after 9/11, and given a speech urging people to shop more, right? Gimme a break!
Truth is whatever you can get other people to believe - Tom Smothers
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By UffdaguyDecember 1, 2008 - 1:38pmFrom the "well-DUH" Department...
"Economists" are just now telling people what people have known for a full year? How much were those "economists" paid to keep quiet until after the election? And by whom?
Just another bit of legacy Cowboy-hat Oathbreaker is leaving behind for this country. Would someone please scoop it up and dispose of it properly before it starts stinking up the place?
If all else fails, immortality can always be assured by spectacular error. ~~~John Kenneth Galbraith
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By nonexistent manDecember 5, 2008 - 8:33am