Is the recession over?
Top Obama economic adviser Larry Summers says the downturn has ended; a colleague disagrees. Who's right?

President Obama's top economic advisers are sending mixed signals on whether the recession was over. On Sunday talk shows, Larry Summers, chairman of the National Economic Council, told CNN that "everyone agrees that the recession is over," although questions remain about "how fast we’ll recover." Christina Romer, chairman of the President’s Council of Economic Advisers, said on NBC that the recession clearly isn't over, because "the people on Main Street" are still suffering. Which is it -- has the recovery begun, or is the economy still stuck in a recession? (Watch Larry Summers announce the recession is over)
Romer is right. The recession lives: "President Obama’s belief that America can spend its way out of the recession is being disproved at every turn," says Jed Babbin in Human Events. Outside the White House, people worry that "Obama's spending spree" is making matters worse. Yes, stocks are up, "but mortgage refinancing is still very hard to get," which is one of several factors "pointing to a false recovery which may presage a longer and deeper downturn."
"Obama's assault on economic freedom"
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It's a trick question: "Technically speaking, Larry Summers is probably correct," says Andrew Leonard in Salon. "The National Bureau of Economic Research has yet to declare an 'official' end to the recession," but the economy has started growing again. Still, Christina Romer's answer showed more "political savvy," because, as mid-term elections approach, what matters is 10 percent unemployment.
Obama's economic team is on the same page: The leading members of Obama's economic team agree, says Steve Benen in Washington Monthly, that creating jobs and spurring economic growth are bigger immediate priorities than bringing down the federal debt. "Republicans, obviously, have made clear they prefer to focus on the deficit they created, but I'm heartened to hear the administration argue otherwise."
"Steering clear of economic 'suicide'"
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
What should you be stockpiling for 'World War Three'?
In the Spotlight Britons advised to prepare after the EU tells its citizens to have an emergency kit just in case
By Elizabeth Carr-Ellis, The Week UK Published
-
Carnivore diet: why people are eating only meat
The Explainer 'Meatfluencers' are taking social media by storm but experts warn meat-only diets have health consequences
By Elizabeth Carr-Ellis, The Week UK Published
-
Scientists want to fight malaria by poisoning mosquitoes with human blood
Under the radar Drugging the bugs
By Devika Rao, The Week US Published
-
The JFK files: the truth at last?
In The Spotlight More than 64,000 previously classified documents relating the 1963 assassination of John F. Kennedy have been released by the Trump administration
By The Week Staff Published
-
'Seriously, not literally': how should the world take Donald Trump?
Today's big question White House rhetoric and reality look likely to become increasingly blurred
By Sorcha Bradley, The Week UK Published
-
Will Trump's 'madman' strategy pay off?
Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
By Sorcha Bradley, The Week UK Published
-
Democrats vs. Republicans: who are the billionaires backing?
The Explainer Younger tech titans join 'boys' club throwing money and support' behind President Trump, while older plutocrats quietly rebuke new administration
By Harriet Marsden, The Week UK Published
-
US election: where things stand with one week to go
The Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
By Harriet Marsden, The Week UK Published
-
Is Trump okay?
Today's Big Question Former president's mental fitness and alleged cognitive decline firmly back in the spotlight after 'bizarre' town hall event
By Harriet Marsden, The Week UK Published
-
The life and times of Kamala Harris
The Explainer The vice-president is narrowly leading the race to become the next US president. How did she get to where she is now?
By The Week UK Published
-
Will 'weirdly civil' VP debate move dial in US election?
Today's Big Question 'Diametrically opposed' candidates showed 'a lot of commonality' on some issues, but offered competing visions for America's future and democracy
By Harriet Marsden, The Week UK Published