From MacroScope comes this gem about the “recovery” we are supposed to be experiencing . The Blue Chip Survey published August 10 indicated that economists were in agreement about one thing: that the recession, the longest since the Great Depression, will be over in September. Can you feel the recovery yet? Maybe these opinions from the surveyed economists will help:
87% Expect a recovery by September
16% Expect a strong recovery
16% Expect a double-dip recovery
65% Expect a long, slow recovery
Were full of hot air (hey, they’re economists)
Nearly all agreed that the economy would continue to lose jobs for some time no matter what. The consensus was that the national rate of unemployment would peak at 10.2% by the first quarter of 2010. In short, prepare for more pain.