One person's persistent recession is another person's slow economic recovery. Much depends on where you live, whether you have a job, how much you are in debt, what your instincts tell you.
A year ago at this time, presidential economic adviser Michael Boskin was proclaiming to anyone who would listen that the recession was over. Some of his friends in the realm of the dismal science still insist, doggedly, that he was right. But the general consensus is that the economy faltered into a double dip later in 1991, strengthened a bit in early 1992 and now teeters somewhere between a very gradual pickup and a dreaded triple dip.
President Bush, who only a few weeks ago predicted economic growth would secure his re-election, once again is putting pressure on the Federal Reserve Board to give things a boost by lowering interest rates. This is mid-1991 all over again. Actually, the Fed has been dropping rates notch by notch for months without being able to inject any appreciable stimulus in factory activity, consumer buying, construction or home sales.