--The national unemployment rate is at 9.7 percent, essentially unchanged from a year ago. Thirteen states have a 10 percent or higher unemployment rate -- with Nevada leading the way at 14.1 percent, followed by Michigan at 13.1 percent, California at 12.4 percent, Rhode Island at 11.8 percent and Florida at 11.7 percent.
--The Organization for Economic Cooperation and Development in Paris concludes that the United States' unemployment rate will not fall to pre-recession levels until at least 2013.
--The U.S. Commerce Department reported that new home sales fell 12.4 percent in July, the slowest pace on record, dating back to 1963.
--The National Association of Realtors said existing home sales in June (2010) dropped a record 27.2 percent, to an annual rate of 3.83 million units, the lowest level since May 1995.
--Foreclosures are up 4 percent, with more than 300,000 filings for foreclosure in each of the past 17 months -- and a record 24.5 percent increase in foreclosures in July alone.
--One in 10 homeowners faces foreclosure -- with 9.9 percent of homeowners behind by at least one mortgage payment.
--Of the $1.4 trillion of commercial real estate debt coming due by the end of 2014, roughly 52 percent is attached to properties that are underwater.
--Forty-five percent of 401(k) participants who took a hardship withdrawal in 2009 took another one in 2010.
Sounds and feels like recovery to me. Doesn't it to you, Homer?
White House press secretary Robert Gibbs recently said that the economy hasn't been stronger in the past two years than it is now. He couldn't be more wrong. The unemployment rate in 2008 was 6.1 percent; it's now 9.7 percent. The median home price was $237,000 in 2008; it's now $204,000. The Dow Jones industrial average was 11,500 in 2008; it's now 10,700. The $700 billion Troubled Asset Relief Program, the $862 billion stimulus, the health care takeover and various expenditures by the feds under the guise of financial reform haven't "saved or created" 3.8 million jobs -- but they have placed $3 trillion more debt upon the heads of your children and your children's children.
Of course, the NBER committee gave itself an out just in case its economic forecasting was incorrect, with these remarks: "The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007."
So I guess -- if one considers the economic bullets listed above -- according to NBER, we're already in a double-dip, second economic recession!
I mean, if we missed the end of the first recession and the beginning of the recovery in June 2009, is it possible we also have missed the beginning of the double-dip recession?
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