Is the Recession Really Over?

Just when you thought that the public's esteem for economists couldn't go any lower, along comes a panel of "experts" from the National Bureau of Economic Research and announces that the recession that began in December, 2007, ended in June, 2009. Apparently, we have been enjoying fifteen months of economic recovery.

From San Diego to Portland, Maine, the howls of derision could be heard—or read online. "Did we hire the three stooges in the National Bureau of Economic Research? I bet they...