“The good news is that the Great Recession of 2008-2009 is over,” says US financial guru and wit Robert Reich, “That’s because it’s now 2010.”

This is a selection of things Reich told a prominent American blogger last week; cut out the US-specific references,and it is pure commonsense that would apply just as much to both the UK and the EU.

China is the first country where inflation may break out to the upside.

A US GDP that is 71% dependent on consumer spending is unsustainable, since they can no longer afford it, can’t get credit, no longer have a personal ATM in the form of home equity loans, are worried about losing their jobs, suffer under a huge debt burden, and are now unexpectedly having to save more for their retirement since their houses have dropped in value by half.

The Obama administration committed a major error by devoting one third of its massive $870 billion stimulus program to tax cuts, which in this environment, will get saved, not spent. You might as well have buried the money in your back yard.

The loopholes in the proposed financial regulations are big enough for bankers to drive their Ferraris through.

Unemployment will remain stubbornly high at 9% a year from now. The jobs that have been exported to China or replaced by machines aren’t coming back.

Hard to argue with any of this. As he’s a Democrat, why didn’t OCarter hire him?