Talking About Recovery, Talking About Recession

During an appearance on Face the Nation this past Sunday, Lawrence Summers, economic advisor to President Obama, remarked "Six months ago, when the president took office, we were talking about whether recession would become depression...Today we are talking about when recession is going to end." These comments only make sense if taken in the most literal sense. Summers is right. The administration is certainly speaking about the economy differently than it was six months ago. This statement, unfortunately, reveals more about what the government is saying, rather than what the economy is doing.