You are here

This Is Not a Recovery

Section(s): 
  • This isn’t a recovery, in any sense that matters. And policy makers should be doing everything they can to change that fact.
  • GDP Revised Down: Economy Grew At A Much Slower Pace Than Previously Thought.
  • Tax Jujitsu: Why Democrats Should Propose a “People’s Tax Cut”.
  • Jobless? Your leaders are at ease with that.


Paul Krugman, New York Times | NY

Submitted by Evergreene Digest Contributing Editor Thomas Sklarski

What will Ben Bernanke, the Fed chairman, say in his big speech Friday (August 27) in Jackson Hole, WY? Will he hint at new steps to boost the economy? Stay tuned.

But we can safely predict what he and other officials will say about where we are right now: that the economy is continuing to recover, albeit more slowly than they would like. Unfortunately, that’s not true: this isn’t a recovery, in any sense that matters. And policy makers should be doing everything they can to change that fact.

The small sliver of truth in claims of continuing recovery is the fact that G.D.P. is still rising: we’re not in a classic recession, in which everything goes down. But so what?

More...

Related:

GDP Revised Down: Economy Grew At A Much Slower Pace Than Previously Thought, Christopher S. Rugaber, Associated Press, in Huffington Post
Submitted by Evergreene Digest Contributing Editor Thomas Sklarski
The nation's gross domestic product – the broadest measure of the economy's output – grew at a 1.6 percent annual rate in the April-to-June period, the Commerce Department said Friday (August 27). That's down from an initial estimate of 2.4 percent last month and much slower than the first quarter's 3.7 percent pace.

Tax Jujitsu: Why Democrats Should Propose a “People’s Tax Cut”, Robert Reich, Robert Reich.org
Submitted by Evergreene Digest Contributing Editor Thomas Sklarski
Republicans are calling the Democrat’s proposal to end the Bush tax cuts on the richest 3 percent a “tax increase,” and demagoging that it will hurt the economy and small business. This is baloney, to put it politely. Let me count the ways.

Jobless? Your leaders are at ease with that, Paul Krugman, New York Times | NY

  • None of them want to fix it -- so high unemployment might become a habit.
  • Punishing the Jobless