Innovation to End Recession

Wait a minute? What recession? I thought the recession ended in November of 2009? Michael Toma, Economics Professor at Armstrong Atlantic, wrote in Savannah 2011 Economics Trends that the local recession ended then. And Obama said that the national recession ended in June 2009 and has subsequently stated that the economy still needs work.


What's interesting is that business, both domestic and international, claim that the U.S. recession continues. On Wednesday, June 29, 2011 I wrote on sellingsavannahnow.blogspot.com/ about the Cassidy Turley economic forecast which said that technology is the only way to pull ourselves out of the recession. And I concluded that their forecast was doom and gloom, yet I was optimistic about the future.

This new article in the Gulf News gives me pause. Mick O'Reilly writes that this recession is more complex than a typical banking crisis and treating it as such will get the country no where. His interviewees say the recovery is unpredictable and uncertain. He concludes by saying "innovation is key"- which is exactly what the Cassidy Turley study said, albeit more specifically. Does this mean that all the government bailouts and qualitative easing isn't enough? Do we need a QE3? Apparently, but the government's solution to the recession isn't adequate. Innovation among businesses and institutions, together with the government, is the only way out.

by Joseph Marshall
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