Even though the recession in the United States is over, that doesn’t mean things are rosy.  Millions are still without jobs, and some economists say that it may remain that way for months or even years to come.  The second quarter GDP numbers came in this morning, and showed a growth rate of 2.4%.  This is compared to a first quarter growth rate in GDP of 3.7%.  Clearly the rebound is leveling off, and things may even get slower.

Economists on average expect the growth rate of the U.S. economy to slow even further to 1.6% in the second half of this year.  Clearly we are not seeing the sustained recovery that many have hoped for to help relieve the unemployment problem in America which still sits firmly at 9.6%.

We have heard a lot about the possibility of a double dip recession, which is basically, back to back recessions within a short period of time.  Although most economists do not expect this to occur, many feel we may get very close.  Republicans argue that if we do not extend the Bush tax cuts which expire next year, we may see a lengthy period of extremely slow, or even worse, no economic growth.