LBJ professor says economic prosperity could take years

It's about to become official: The recession is over -- but not the pain. James K. Galbraith, an economist at The University of Texas at Austin, suggests too much attention is given to when recessions technically begin and not enough to other measures of the economy. "It's just a word. A recession technically lasts during negative quarters. But that doesn't mean you're back to prosperity once you have positive growth. You're back to prosperity when the unemployment rate is back around 4 percent," Galbraith said. And that, he said, could take years.

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Oct. 27