The reality is that the recession never ended for 95% of U.S. households, and by many metrics the recession has deepened.
by Charles H. Smith, Of Two Minds:
If you want to claim the 2008 recession ended, you have to find a metric that reflects “growth.” For instance, gross domestic product (GDP), which has expanded since 2009.
But as Lance Roberts, Gordon T. Long and I discuss in Is the US in a Recession? (43 min. video, 52 slides), this metric of “growth” is suspect on a number of counts. For example, does this chart of full-time employees relative to the population look expansionary?
Or how about real personal income less government personal transfers on a 5-year basis (the red line)? Notice that the red line only popped briefly above 0% into “growth” in late 2012 as those who could declared income in 2012 before the 1013 tax increases kicked in.
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