So many write attempting to compare the Great Recession’s recovery to other more “normal” recoveries from “normal” downturns. Those are like comparing the proverbial apples and oranges. The most accurate economic crisis to compare this one to is the Great Depression and its recovery. As a result, other comparisons are simply inaccurate in their conclusions. This article provides an in-depth assessment of the current economic situation and how we may need to rethink how recoveries from severe crises are judged.
With the U.S. economy yielding firmer data, some researchers are beginning to argue that recoveries from financial crises might not be as different from the aftermath of conventional recessions as our analysis suggests.
Their case is unconvincing. It is mystifying that they can make this claim almost five years after the subprime mortgage crisis erupted in the summer of 2007 and against a backdrop of an 8.3 percent unemployment rate (compared with 4.4 percent at the…
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Did you catch the news Tuesday? There were tornadoes in Texas, but a firestorm in Washington, D.C, when President Obama attacked the GOP budget which proposes to take $3.3 Trillion dollars in federal benefits and programs that benefit the poor and the middle class and they would transfer that revenue to the Top 1% of Americans who oppose and oppress us giving them a tax cut of $150,000. [MSNBC Policy Analyst, Ezra Klein estimates $265,000.] The President called this 2nd “Paul Ryan Budget” “radical” and an attempt at “thinly veiled social Darwinism.” Oh, I see now what has gone on right under our noses: The rich have devised a ‘master plan’ to concentrate our country’s wealth and bounty into the hands of the very rich by boldly taking
money from those who they must consider inferior to them and thereby grow their power and riches. Do they think that their Romney-like success makes them akin to a ‘master race’ deserving all of the fruits of commerce? For 30 years their incomes have outpaced ours by 300%! They have laid waste to the middle-class (that Barack Obama seeks to restore) and would soon turn on the then defenseless poor. Remember those death panels spoken of in hushed voices? Might they become a reality to dispatch the remnants of our dwindling class? And, what would become of the poor… left with no aspiration or hope for attaining the American Dream? Extermination camps?