A more interesting question might be if the US economy ever came out of recession in the first place?
Recession: A decline in GPP for two consecutive quarters.
Recession: When your neighbor loses his job.
Depression: When you lose your job!
Economic statistics are a funny thing in that the only people they really matter to are the pundits who debate them.
I watch and read the discussions over whether the US economy is in danger of double-dipping back into recession.
The suits on television banter back and forth that while activity is tepid and stagnant and that unemployment will remain at historically high levels for the foreseeable future, they just don't see the US economy dropping into contraction territory!
Beyond some textbook economic recession/economic growth definition, has the US economy really ever emerged from recession!
Whether the US economy is growing at 1% a year or contracting 1% a year, the economic reality for the bulk of Americans working in corporate jobs or who run their own small business is that times are really no better now than they were two years ago.
How do I know that? Through anecdotal analysis conducted at bars, social gatherings and in conducting my day to day business.
These are the people who look at their bank accounts with many more withdrawals than deposits, whose company's are laying off or about to lay off more people and who dread getting the mail each day only to see bills coming in.
For them, the US economy is functionally in recession!
CNN poll on what Americans think about the economy!
Fully 82% of those polled see the US economy in recession!
Of that number 35% see us in a serious recession.
Since Obama came into office and massively increased the nations debt under the auspices of jump starting the economy, the number of Americans with the opinion of serious recession has not dipped under 30%.
President Obama's jobs speech
Assuming that President Obama is watching the polls as a guide for his jobs address, over a 2/3 majority in this CNN poll said that jobs creation should take priority over any deficit reduction.
Suffice it to say that the American public will be watching this campaign speech very closely!