According to Ben Bernanke, the Chairman of the Federal Reserve Board and basically the single most influential person on the planet when it comes to matters of money, the US recession is over.  Good news, except that he didn’t just stop talking there.  He kept going.

Bernanke added that “many people still find their job security and their employment status is not what they wish it was.”  In other words, the government is telling you that the everything is roses and sunshine and rainbows, BUT if you’re not out of a job now, you may soon be.  I think his definition of recession is different than mine.

Well, OK.  Both Bennie and I know the textbook definition of recession: two consecutive quarters of declining Gross Domestic Product.  And I’m sure Mr. B. has heard the more colloquial definition:  A recession is when your neighbor loses his job.  A depression is when you lose your job.  I heard a new on the other day: A recession is when the government spends billions of dollars to bail out huge corporations, depression is how you feel about them using your money to do it.

What I’m going for here is not splitting hairs over the exact definition of recession.  I’m just pointing out that a technical end to the recession is going to be small comfort to those who have lost or are still in fear of losing their jobs.  Technicalities do not put food on the table.  For employees who are foregoing raises AGAIN this year, Bernanke’s proclamations probably don’t mean much.

Not that the Fed has all the data yet.  Bernanke, to be fair, didn’t actually hold a big “End of the Recession” party on the front lawn of the White House.  He only said that the recession is “very likely over.”  He doesn’t even know what the new GDP numbers are going to look like.  He’s guessing,  just like the rest of us.  He just gets paid better to do it.

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