News! The recession is over and HAS BEEN for 15 months.
The president has been claiming that he inherited this mess as the Republicans "drove the car into the ditch." Well, Mr. President the Republicans in fact did help to push the car back on the road well more than a year ago - according to a panel of prominent economists who have delivered a verdict that the Great Recession ended in June, 2009.
So, will this news change Mr. Obama's fall strategy of still blaming this country's problems on GW Bush? Absolutely not! His only option is to continue on the "blame Bush for everything" path. To not do that is to admit that he and his policies are now the problem this country is going through with high unemployment and a still sputtering economy.
As a husband of a woman who IS her own business and files a schedule C tax return each year I know the economy has slowed and that her sales of real estate are down the last couple of years. But, the real estate problems right now, TODAY are due to the expiration of the Obama gimme's for first time buyers which ended this summer. Who is going to buy now when IF they could qualify in the spring they would have already purchased a new home? The problem with programs that mortgage the future is that one day the future comes calling.
This announcement from the National Bureau of Economic Research's Business Cycle Dating Committee means one thing: Any new down-turn would mark the beginning of a new recession and not the continuation of the old one.
So, Mr. President - the ball is in your court. Play ball!
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