US Economy in a Recession?
It seems that all the articles I am reading are pointing to one conclusion, the US economy has officially fallen into a recession.
Living here in Michigan, I could have told you that this state was in a recession over a month ago with a simple, “duh”. Interesting to hear that the majority of economists agree that it is now here for the whole US.
Do you think we are in a recession? How bad is… well… bad?
More on this topic
(What's this?)
Lessons From Modern Economic Crises (Not for the Fainthearted)
(naked capitalism, 10/7/08)
WSJ Op-Ed: “global depression?”
(Option ARMageddon, 11/10/08)
ECRI Says There Is A Window of Opportunity for the US Economy
(Kirk's Market Thoughts, 1/25/08)
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Posted by Blain Reinkensmeyer on February 10, 2008 at 11:42 pm --
We are in a mild recession, have been for a while, I don’t care what “benchmarks” you look at. Michigan has been sucking it up for quite sometime now, at least the least four years, and will continue to do so for at least another five. High insurance and utility costs, very high labor costs (THANKS UAW! THANKS other UNIONS!), and a slammed housing market have all put a massive damper on growth in MI. Not to mention the big three, but more importantly, THEIR SUPPLIERS, that have taken a beating worse than one Mike Tyson could even dish out…some don’t even exist afterwards. I saw this happening left and right on the west side of the state while I was working in the industrial commercial real estate sector. Michigan needs to recoup, and it all starts with some new leadership, not only in Detroit, but a new Governor as well. I don’t really care what political affiliation they are (a conservative moderate would be nice though) just as long as they have a serious business background and serious business “sense” about them. Couple someone like that with the already progressive and aggressive MEDC we have and you’ll slowly turn this state around.
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