Tags: us | economy | recovery

Happy Anniversary: Recovery Struggling for Two Years

Wednesday, 01 Jun 2011 09:45 AM

The economic recovery is stuck in recovery mode, and experts are wondering when the economy will speed up to anything beyond idle.

The Great Recession officially ended in June 2009, although for many Americans, high unemployment rates, a weak housing market and a host of other gloomy economic figures have experts worried if a sluggish economy has hit a speed bump it can’t cross.

"We're two years into a recovery, and everybody's yelling, 'Are we there yet?'" says Wells Fargo economist Mark Vitner, according to USA Today.

"You should be putting the recession behind you and talking about where growth is coming from. Instead, we're still dealing with residual problems from the recession."

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(Getty Images photo)
Manufacturing and export figures have shown to be bright spots, but a Pew Charitable Trusts poll in May shows 55 percent of Americans still view the economy as poor.

While that figure is down from 73 percent two years ago, only 47 percent believe their kids will have a higher standard of living than they enjoy, down from 62 percent in 2009.

Other studies paint similar pictures.

In a poll of 1,013 people conducted between April 20 and 23, the Gallup Organization finds that 55 percent think the economy is still in a recession or depression.

Another 16 percent say the economy is slowing down, while 27 percent think it is growing, the Christian Science Monitor reports.

"Whatever the economic statistics say, it is not a strong enough recovery so people see it in their daily lives," says Dennis Jacobe, chief economist for Gallup, according to the newspaper.

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The economic recovery is stuck in recovery mode, and experts are wondering when the economy will speed up to anything beyond idle. The Great Recession officially ended in June 2009, although for many Americans, high unemployment rates, a weak housing market and a host of...
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Wednesday, 01 Jun 2011 09:45 AM
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