[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/10/22/recession.poll/art.traders.gi.jpg caption="Even if the stock market broke the 10,000 point barrier a few weeks ago, many Americans can't see what all the enthusiasm is about."]
Julian E. Zelizer
When the stock market broke the 10,000 point barrier a few weeks ago, many investors celebrated. Economists have started to talk about the end of the "Great Recession." But many Americans can't see what all the enthusiasm is about.
National unemployment rates remain extraordinarily high, having reached almost 10 percent. According to the Congressional Budget Office, unemployment will climb to 10.2 percent in 2010 before falling to around 9.1 percent the following year.
Within particular states, the situation is dire. In Massachusetts, unemployment rates have reached a level not seen since 1976. Michigan's unemployment rate is at a little over 15 percent. State budgets, according to a report by the Rockefeller Institute of Government, are still devastated by rapidly declining tax revenue. According to its study, collections by states fell by 16.6 percent from April to June.
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