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May 4, 2009
A (welcome) blast from the past: the economic boom
I had the day off today, and got lots of things done -- helped my son with his business studies homework in college, recorded a couple of bass guitar tracks for the new CD, "The Second Touch," I'm working on in my other life as an independent music artist, went to the gym and busted a five-gallon sweat, tried to repair a computer software problem that's been giving me a Mac attack, etc., etc. -- and oh yes, I cleaned the garage.
Among the things I found in that garage, where the smell of Marvel's Mystery Oil beckons the inner Mr. Fix-It, was a short stack of newspaper articles I had been saving -- which is not unusual for a newspaper writer.
Among them was an article from Feb. 1, 2000, about a subject that seems preposterously novel in the murky recession we are neck-deep in right now: about how the U.S. economy was riding a historic high.
So here it is:
"It's party time when it comes to the U.S. economy. The current expansion that began in March 1991 today becomes the longest in American history at 107 months, a month shy of nine straight years. That beats the old mark of 106 months, or eight years and 10 months, set during the 1960s. Merchants, economists and business owners in the region said they see strength in the economy every day, and people are dressing better all the time, with clothing outlets like J. Silver growing from eight stores to 60 stores in 10 years. The number of jobs in Connecticut is up to 1.6 million, which is 4,200 more than the peak of state employment in early 1989 before the onset of the recession. Unemployment is low, with most of the jobs in the service sector, consumer confidence is high, and the Dow Jones is on a historic bull run."
-- TONY SPINELLI
ADDENDUM: The long, strong ride didn't break until Sept. 11 2001, after which the country slid into a short recession whose echoes grew louder as the years passed, culminating in the train wreck economy of 2008-2009.
Posted by Spinelli on May 4, 2009 9:01 PM
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