More and more economist are concluding that the greatest economic debacle since the Great Depression, the Bush Recession, likely already ended. At least in macro-economic terms. Obviously in the micro economic level, with unemployment high, consumer spending slow and many small business struggling, the Bush recession is alive and well.
However, the U.S. economy is like a big tanker on the sea, it cannot make sharp V turns. The first step in recovering from an economic debacle is to stop the free fall of the economy and that was already accomplished months ago.
The next step is to start the big U turn of the economy, and this is the process we are experiencing now and what the economists refer when they say the recession is likely over.
After the U turn is complete, the next step is to start growing again and at a sustainable rate. But for this we need jobs. So, it is not accident that President Obama next big item on the agenda is to stimulate the creation of more jobs.
This mess started on February 2001 when George W. Bush became president. The recovery started on February 2009 when Obama became president. So, even though we all would like for things to magically happen, remember we did not get into this mess overnight and therefore we will not get out of it overnight.