Thoughts on the Economy

On Monday the National Bureau of Economic Research announced that the recession ended in June 2009, 18 months after it began. This has sparked a wave of responses that question the legitimacy of the report, because to many, ‘it sure doesn’t feel like the recession ended’. Steve Chapman with the Chicago Tribune does a good job of clarifying the National Bureau of Economic Research press release.

A recession begins when the economy starts shrinking. It ends when the economy stops shrinking and resumes growing — nothing more. The conclusion doesn’t mean we’re getting rich. It merely means we’re not, as a nation, getting poorer. –Steve Chapman

At least from the reports, and their interpretations, it seems that our economy has ceased its decline, but is surely taking its time climbing back up. I don’t want to speculate though and would love to hear your opinion and experiences in the project management field. I’ve always felt that project managers provide a great barometer as to economical fluctuations, because they are so involved with the investing of organizational assets, or lack their of.

Please send me an email at brandon.beemer@epicpm.org, I would love to hear your thoughts on the economy and the news that the recession is over. Please include what industry you’re in, I’ll be writing a blog early next week to report your responses and a survey of what industries are doing better than others.

In more recent news, on Thursday The House approved a $42 billion bill aimed at helping small businesses and championed by President Obama. On one hand, I think it’s only fair that the little guys get some help too, after the White House bailed out the banks and big three auto manufacturers. That being said, my ever increasing concern is our national debt. When you don’t have money, spending MORE money you don’t have only digs the hole deeper, yet Washington consistently ignores this common sense, regardless of the political affiliation of the administration. We need to take a step in the right direction! I would love to hear your thoughts on the national debt too!

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