Recession Timeframe

[pennypinch]

Well, everyone has finally admitted that we are, indeed, smack dab in the middle of a recession. They say we started into a recession in December of 2007. The next question is, How long will it last?

To answer that question we need to take a look at recession's of the past and make some comparisons. With that, we can begin 1990-1991 and the 2001 recessions. These were comparatively mild and very short-lived. So lets take a look at the most recent deep recessions.

The 1981-1982 recession lasted longer than the average sixteen months and led up to 10.8% unemployment rate. Thats a pretty drastic rate and it would take a lot more severe damage to make our current rate of 6.5% to go that high. This recession was caused by a sky-rocketed interest rates.

The 1973-1975 recession is the most like in comparison to what we are currently experiencing. This was attibuted to a major surge in oil prices, much like has happened in current times. This one also lasted longer than the average sixteen months and created a 9% unemployment rate.

Although we can compare some aspects of the Great Depression of the 30's such as the collapse of the stock market and drastic drop in consumer spending, other aspects are too much different for there to be a likeness.

So I guess we are going through much the same as people went through in the 70's. That recession lasted for about two years so maybe we are halfway through ours???

[ClassyLady]

Penny I am afraid to think on this. The way the United States has become, it is no telling how long this will last. They blow money on things that make no sense at all to me. They are trying to control people and they can't do that. This is supposed to be the land of the free. Where did that go?

[dollardaze]

From what I've been reading that the experts are saying, this recession should come to an end towards the middle of 2009.........but I've given up believing what the experts say - they seem to be wrong most of the time these days.

[pennypinch]

LOL, I get what both of you are saying. I never know what to believe any more either and I certainly do not count on what they say.

[dimetime]

I have no idea as to how long this recession is going to last, but I do hope that it is almost over with. The number of people with out jobs is horrible, I can honestly say that right now in my area there are no jobs at all. I also agree with ClassyLady. Our goverment seems to be spending a great deal of money they dont have on things that dont make any sense what so ever. If this were to stop then we might stand a better chance of getting our economy straightened out.