The Great Depression that Federal Reserve Chairman Ben Bernanke claims to have averted has been part of the background radiation of our economy since at least 2008.
It's just that, like radiation, it's invisible.
We've called it the recovery, the jobless recovery, the slogging recovery and more recently the fading recovery. We've measured modest growth in our nation's gross domestic product to record that our so-called Great Recession ended in June 2009. And now we are saying that if this disappointing growth suddenly disappears, as currently feared, we will be in a new recession.