With thousands getting pink slips in Connecticut … from WTIC to CIGNA and United Technologies, it’s a pretty easy question to answer. The economy is receding and if you are on that end of it … its not good. But how bad a recession depends on how long you go between jobs.
As for those people who still have jobs … it hasn’t been a bad four years despite what major networks and newspapers report. And even without government … no especially without government … the economy will come back. It always does. Hat Tip to Instapundit.
It’s the way the modern world works. Things improve. Incomes rise, work hours fall, the quality of goods improves. Few things in economics are as consistent as the growth of real GDP per capita over the past 200 years:
Right now when you head off to Mall as I did today to upgrade my computing and TV recording equipment for the show I was a little stunned at how difficult it was to find a parking space. Much of that, were I trying to explain it in an economics paper, I might attribute to severance packages still available? Or those who still have jobs are still shopping. Or people still have savings and money to spend, wisely, and are not as afraid as the media would have us believe. Or .. they are looking but not spending.
I dismiss the last. The people I saw were spending, but not wildly. Could it be we are just beginning a period of responsible economic behavior after two decades of a drunken stupor?