The good news: If the stimulus plan works, there might be light at the end of tunnel and this evil recession (I don’t know about ya’ll, but I’ve made the recession my arch nemesis) will end soon.
The bad news: The bulb on that light could go out quickly and we’ll have to deal with a brand new recession next year.
Despite the prediction for the U.S. economy to return to growth later this year, a new report claims that there is the potential danger for a second recession to follow.
The Conference Board, a private research group, claims the federal government’s efforts to boost the economy by cutting interest rates and buying up bad debt pose certain consequences.
In an interview with the AP, Bart van Ark, vice president and chief economist of The Conference Board said, “If the United States experiences a too-rapid recovery, there may be a risk of another recession in 2010. It may fuel expectations for a return to inflation, adding to the uncertainty concerning the pattern and path of economic recovery.”
The scenario van Ark is referring to is known as the "double dip recession." It’s akin to the economic problems of 1980 and 1982, in which the recession of 1980 was followed by a short-lived recovery, followed by another recession in 1982.
So in essence if the plan works “too well” it will put us right back where we started this time next year. This is exactly why I didn’t like my Econ class in college.
As much as I am enjoying the opportunity to learn about our varied experiences in this rocky period, I was really looking forward to next year’s follow-up emails.
I was anticipating letters with more positive slants along the lines of: “Dear, Michael. My bank account is more active than Diddy on Twitter. Here’s some cash just because.”
I suppose I can wait for that.
In lieu of this news I’d like to quote my namesake:
“You can't win
You can't break even
And you can't get out of the game
People keep sayin'
Things are gonna change
But they look just like
You're stayin' the same”
Then again, even Mike is donning a fresh wig and prepping to do old dance moves to pay off his long standing debt. If people are still willing to pay to see a man who looks like his own ghost, anything can happen.
Keep hope alive.
And keep sending your letters to email@example.com.
Michael Arceneaux hails from Houston, lives in Harlem and praises Beyoncé’s name wherever he goes. Follow him on Twitter.