The United States is going through the worst financial crisis since the Great Depression. Are the government’s efforts to pull the economy out of a devastating recession beginning to show signs of progress?
By no means are we out of the woods just yet, but we are beginning to see glimmers of hope, according to the White House. Banks are freeing up lending and homeowners are taking advantage of low mortgage rates.
Global economists are in agreement that the recession has reached the bottom or is very close to the bottom. Some are saying we have begun a very weak recovery already and are predicting a moderate improvement in 2010.
It seems almost self-evident that everyone borrowed too much, creating a level of debt that is crushing our economy.
Do we really have the hope that the economy may pull out of recession by the end of 2009?
US officials are hoping that the sharp decline in economic activity may be slowing, but 2009 continues to be a difficult year. In a report today, employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 percent.
How much worse do things have to get before they start getting better?
Tags: economy economic recovery, global downturn, government, home mortgage, lending, recession, unemployment rate
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