It's official: Economists confirm recession

Well, at least a year-long reality is at last confirmed:

WASHINGTON (MarketWatch) -- The U.S. economy entered a recession in December 2007, a committee of economists at the private National Bureau of Economic Research said Monday.

The economy reached a peak of activity in December 2007 and has been declining since, according to the business cycle dating committee of the NBER.

The government, academics and the private sector generally defer to the NBER's judgments about recessions. ...

Democrats on Capitol Hill said the news was hardly surprising and reiterated calls for an economic stimulus package. Senate Majority Leader Harry Reid, D-Nevada, said he and other Democrats will send a package to the White House as soon as possible after President-elect Barack Obama takes office in January.

"The announcement simply makes official what we have long known - with rising costs of living, rising unemployment, record foreclosures and depleted savings, we must do more to help families make ends meet," Reid said in a statement. He said a recovery package must create good-paying jobs in the U.S., cut middle class taxes and instill confidence to stabilize the market.

Christine Romer, a member of the NBER board up until last week, is slated to head President-Elect Obama's Council of Economic Advisors.

While the group's report seems to be stating the obvious, it's helpful for Congress and the new president to be armed with an official declaration as they move ahead in building support for a large and effective stimulus package.