But the real economic recovery may be just beginning, and in recent history, it may be approaching a delicate moment.
The US GDP value reached its potential level only last year. It exceeded the Congressional Budget Office (CBO) analyst's view that if the real estate bubble did not burst in 2007, the investment bank Lehman brothers failed in the following year, and the world did not fall into deep recession, the US economy should have reached the level.
When GDP exceeds its potential level, it is usually the period when workers'wages are growing fastest and marginalized groups can find jobs. In recent years, these periods have not lasted very long, and the Federal Reserve and other officials are trying to solve this problem by weighing possible interest rate cuts and assessing the current stage of the U.S. economy.
"We're just catching up now," said Vincent Reinhart, Mellon's chief economist. "Although the economy has been growing since June 2009, the National Bureau of Economic Research has set June 2009 as the"bottom"of the latest recession.
As economic growth approaches the 10-year mark, there is growing speculation about how long this recovery will last, whether there will inevitably be another recession in the next few years, and whether the Federal Reserve and the U.S. government are well prepared to fight another recession.
The recovery may take years to achieve what Fed and government officials believe is needed to rebuild middle-class incomes.
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