It’s official. The Great Recession that began in December 2007 ended in June 2009, making it the longest on record since the end of World War II. That was the news flash last week by the number crunchers at the National Bureau of Economic Research, the outfit up in Cambridge, Mass., in charge of marking such sober events. Economics is a science that is not just dismal but frequently late, meaning that even as it took more than a year to figure out that the recession was over, it will now take many more to discover definitively what caused it and, more important, to ferret out why unemployment still remains at historic highs even as the economy is growing once more.
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