What many Americans have already been saying has now been proven true: The U.S. economy is officially in a recession, according to a CNN Money article.
The National Bureau of Economic Research, a private organization of economists who track the beginning and end dates of economic downturns, said yesterday that the U.S. has been in a recession since December 2007.
White House Deputy Press Secretary Tony Fratto said in a statement that, although the recession is now official, the greater focus should be on how to fix the economy, including returning the financial and credit markets to normal, and continuing progress in the housing market.
Unfortunately, none of the economists can predict exactly when the recession will end. The only solution, it seems, is time.
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