Is Economic Recession Over?
“Will the jobless be able to get jobs and the persons working well below their capability rise up to the desired level? Will they be able to draw salaries needed to maintain a decent standard of living? ”
There was news in media a few days back that ‘recession is technically over’. Let’s ponder over this statement.Recession began in the year 2007 (towards the end of it) and has been jolting the world economy since them. Mortgage crisis, wrong decisions by the leading banks or over indulgence in the efforts to control inflation; you name it and you will be loaded with pages and pages of explanations of the possible causes of this recession.
Now, after about 2 years the situation is that a strong ray of hope is visible as regards the growth of economy in the months to come. That may be okay as far as the bankers and the economists are concerned but the common man is most concerned about his survival.
Will the jobless be able to get jobs and the persons working well below their capability rise up to the desired level? Will they be able to draw salaries needed to maintain a decent standard of living? The answer unfortunately seems to be in the negative.
No doubt, the recovery path that economy is going to tread upon is visible to economists but it is also certain that the health of economy is going to remain weak for a considerable time from now. What’s more Economics is not a science. When scientific theories are subject to revision or even complete failure what can be said about economic predictions?
However, this is only one side of the picture. Some economists are so hopeful that they are visualizing a spurt not only in the jobs but in the industrial output as well. They are hopeful because this has been the scenario of world economy almost after every recession.
But the pessimists again counter these optimists by saying that nowhere before in history did consumers face such alarming proportions of debt and never before has the credit condition been so unyielding.
There seem so be truth in this statement because US alone has lost more than 7 million jobs in the past 2 years or so. What more frightening is that even now the economy is continuing to lose jobs. The only saving grace being that the rate of loss of jobs has slowed down.
So, let’s keep our fingers crossed and see what the coming months have in store for us.
Author - DeeKay
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