July 2009 Comment: Now that we’ve entered H2-09, those that have been calling for a second-half recovery seem to be tempering those expectations, as the green shoots of spring turn brown in the heat of summer. So, as the road to recovery stretches ever longer before us, be aware that the road behind us has mysteriously elongated as well. You may recall last year the persistent headlines that trumpeted “Not in a Recession Yet!” with each GDP release; come to find that the government is now declaring the recession began in Q4-07! That smacks of disingenuous propagandizing to give American’s the impression that we are further along the road to recovery than we really are.

I’m with Ed: Are we there yet? Or perhaps we should be asking: Where are we?