Sunday, August 4, 2013

What Is Happening After the Recession Is Over

According to leading news media, National Bureau of Economic Research (NBER) officially announced on September 20, 2010, that the Great Recession was over June last 2009. NBER announced that the recession. lasted 18 month, the longest in post World Ward II period, ended in June 2009, and economy entered into raising period. The matter of fact is any of ordinary people do not believe the recession is over.

Although news media talked about depression since 1930's this time, the economy did not go that awful partly thanks to business bail out program as well as new house tax program. In early 2010, economy was showing slight sign of recovery, even. This summer, however, observes slight slowing down of the recovery process. Media reported bad news such as trade deficit, stagnated employment promotion, durable goods sales down, and so on. Especially housing market has down shift after ending of tax refund program for a new house and second house. Sales of the new house were 12.4% (276,000 houses) against the previous month in July, worst in record since 1963, according to the sources.

It is particularly bad to feel the economy situation is not pleasant seeing what is happening in this place, where we live. In the block of our house, there are 2 foreclosures and 1 short sell in past 6 months. All these happened after June 2009. It was even after the recession is over.

It was our next-door neighbor. They had vacated their house and gone without particular notice. It was so sad and upsetting see this family had disappeared almost overnight. I used to talk with their grand mother on the street. We saw their kids playing skateboard in their front yard. The owner family some times invited their friends and had small parties. Now all of them had disappeared.

Next one was a house, which located on the other corner of our home. It has been vacant for 3-4 months now. This family had 2 small dogs, which used to come out and play with our dog, when we walk our dog. We greeted each other and used to have a short talk in front of their home or our home.

The last one was fairly recent. The house is 2 blocks away from our house. The family still live there, but the house is in short-sell by their bank. If the short-sell does not happen, the house will go into foreclosure and family needs to move out. They held BBQ style lunch and dinner so often, and we heard their playing music when they had BBQ party. Now, they have not done any BBQ party anymore. The home and family are totally silent.

It looks like the economy is not recovering. Instead, there are lots of people who are suffering from the past wounds of business activities. It does hurt not only the one, who suffered foreclosures or financial difficulties, but also the ones who are close to them.

I hope we see real recovery of the economy very soon. What will be the locomotive to bring the economy up again? Will it be medical or bioengineering?

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