Newsweek has declared that the recession is over, but technically not for any of us.
Trust me, I could tell.
More than 18.7 million homes stood empty in the U.S. during the second quarter as demand for real estate further diminishes and banks seize more and more properties from delinquent borrowers – explaining the hike in the number of homeless families.
As some financial firms celebrate profits and Wall Street gets giddy over a surging market, there’s growing speculation over how regional banks will handle the commercial real estate bust.
California can pat itself on the back for finally working out a budget deal to settle its record deficits, but in the end, that state, like so many others across the country is still flat broke.
That has led to further frustration for those jobless who now find themselves waiting on delayed checks as states struggle to keep up their respective unemployment systems.
Speaking of the unemployed, pull closer to the screen and get a good look at that picture. What appears to be a long line of ants is actually a couple hundred people who stood out in the Texas heat over the weekend to make their way into a job fair.
I found the picture via Twitter from a person who attended – choosing rent before relatives and missing out on their family reunion.
Retail stores don’t seem to be that optimistic about the economy bouncing back quickly either. Already many chains are prepping what is expected to be another difficult holiday shopping season.
Over the weekend Federal Reserve Chairman Ben Bernanke said that the lessons learned from our current will help make the economy stronger than it was before. However, he quickly conceded that despite claims of recovery on the horizon "economic forecasts make weather forecasts look like physics.”
In short: Things look promising, but hey, you never know.
Yeah, I don’t find that to be all that reassuring. Am I gonna have to have my copy of "The Player's Club" sent to me for "research?" I'm sure they'll be another stripper job fair soon.
While more and more media outlets may declare that the recession is over, do you agree with that statement? Even if you believe the assertion to be true, do you fear that we may be in for a “double dip recession,” or fear that it may be difficult for the government to create jobs and boost income without triggering inflation?
I’d love to get your perspective on this. Leave your comments below, and if you have a story on how you’ve coped in this recession, please send it to therecessiondiaries@gmail.com.
Michael Arceneaux hails from Houston, lives in Harlem and praises Beyoncé’s name wherever he goes. Follow him on Twitter.