The truth is we have been bumping along since 2008. We are still in the midst of the crisis which started in 2007-2008. The central banks have failed. QE did nothing but buoy the stock markets of the world exacerbating “income inequality.” (Capitalism didn’t do this, central banks and central planning did.) Zero interest rates just got everyone addicted to inexpensive debt and now everyone’s (people, governments) topped out again. And things are so sketchy right now that the world looks to be embracing a negative interest rate regime.
Canada is in recession.
Brazil is in recession.
Europe continues in crisis of all sorts, economic, political, even spiritual.
Russia is in recession.
China is in the midst of the biggest slowdown in 40 years.
Drillers in the Midwest are going belly up.
Home starts are ticking down – again.
Masses of people are underemployed in this country.
Millions are stuck in homes which are still – and likely will be for a very long time – under water.
1 in 7 people in this country is on food stamps.
But technically, right now we are not in recession, which is defined by 2 consecutive quarters of contraction in the economy. But we started from a very low level and we have not climbed out of the recessionary muck at a rate anything like what we have seen in this country post recession post World War 2.
Oh, and we all know, all of us, except for the dimmest of the dimmest that the “4.9%” unemployment rate is complete bunk. Now what is the labor participation rate? What’s that you say? It’s the lowest since 1977? Yup, things are great!
Oh, and can’t forget that the average person is making less than they were before the recession in real terms, and for many their pay continues to decline.
But don’t listen to me. I’m the one “peddling fiction.”