The Current State of the United States Economy: A Perspective

The Current State of the Economy In terms of the current job losses and the decline of economic output, the 2008 to 2009 recession is the deepest and the longest of post-World War II recession. Many economic observers have justifiably stated that the United States is in the midst of the greatest recession facing the nation since the Great Depression of the 1920's. In December of 2008, the National Bureau of Economic Research, the United States department responsible for categorizing the country's economic condition, acknowledged what most Americans have known for some time; that their country is officially in a deep and painful recession, and that was 2008.