The economist Lowell Catlett said that the recession is ending

The Recession in Connecticut is at last over — in theory at least. According to economist Lowell Catlett, the Recession was not a very severe one. Although many are distressed and worried as they had to cut costs and slash budgets, it may be noted that people had come to expect a very high living standard. They do not even want a minor backsliding on even a minor issue. Catlett made this observation in Connecticut Conference of Municipalities’ annual conference.

Many things are considered a necessity by the present generation, Catlett says. The previous generation had considered the same things a luxury. Catlett also says that the depression set in two years ago and by this time it is practically over. However, in the last 18 months, people had been cribbing and moaning about job loss, budget slash et al. They have even bargained for concessions that would make their lives at least slightly better. There has been a freeze on hiring which has made things definitely worse for a majority of the American population.

Catlett, who is the professor of New Mexico State University, also consults business houses on various issues pertaining to the great downturn. Catlett was definitely very optimistic and the listeners were tuned in but his speech did not alter anyone’s thinking. In fact, mayors and city managers are debating about how to tackle the tough situation that one would have to confront in the next two years. Municipal leaders present at the conference said that taxpayers will have to pay more and get fewer services.

Stamford Mayor Dannel Malloy said that the number of foreclosures is expected to increase as people from low-income categories walk out of their homes that are under water. The issue is indeed a major one and the cloud on the horizon is indeed dark. Prices of homes have crashed to historic lows as foreclosures become common. Even road maintenance will suffer till the local bodies are able to arrange for funds. The picture is indeed a bleak one.

Catlett, however, had a different message to say. The GDP of Connecticut grew in 2008 and the percentage of residents who can keep a home remains higher than what it was 30 years back. Catlett put the blame on the economists who have never stopped whining.

They are constantly talking about how things would get only worse in the times to come.

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