Ben Bernanke said the economy likely is growing now, but he warned that won’t be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.
“From a technical perspective, the recession is very likely over at this point,” Bernanke said in responding to questions at the Brookings Institution. “It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was.”
Has Ben Bernanke jumped the gun in declaring the recession is likely over? I think it is callous for Bernanke to make such a statement when 9 million people are still underemployed.
Will the underemployed be able to secure new job soon that will utilize their expensive education and core skill sets? Will the cash registers of retailers start ringing tomorrow now that the outlook is "brighter?"
Don't bet on it...