A second Great Depression is still possible
The stock market’s hitting 10,000 again. Politicians and bankers, anxious for recovery (for votes & bonuses), are claiming victory and saying the recovery is on. I say not so fast. Maybe we...
View ArticleCatch 22 Recovery
From UCLA: UCLA Anderson Forecast: U.S. recovery a long, slow climb; Calif. recovery weaker than nation’s (emphases mine): “If the next year is going to bring exceptional growth,” [UCLA Anderson...
View ArticleWhy the Austerity Talk?
Brad DeLong is as puzzled as I, but is more eloquent in expressing it. In so doing he does my classes a favor in expressing a quick version of the history of addressing macro economic crises. For...
View ArticleWhat to Call This Unpleasantness? Little Depression or Workers’ Depression?
Brad Delong has had enough. So have I. “The Little Depression” Back in late 2008 people asked me: is this a recession or a depression? I said that I would call it a depression if the unemployment rate...
View ArticleWe Have A Debt-Ceiling Deal. The Economy Loses.
Earlier this week the absurd and totally unnecessary debate in Washington over raising the national debt-ceiling came to an agreement, both houses of Congress passed it, and the President signed it....
View ArticleThe Mess We’re In – Trillions of Dollars of Missing GDP
According to the Congressional Budget Office (CBO) the U.S. has a cumulative output gap of $2.8 trillion so far since the recession began. That’s trillion with a TR, as in a million millions. This is...
View ArticleJobs And Unemployment Report For August 2011 – More Bad News, More Signs...
This being the first Friday of the month, the latest U.S. employment report was released this morning. Not good news. In a nutshell: no new net jobs created and the unemployment rate holds steady at...
View ArticleThe Economy Has Caused Riots Before – In the Great Depression
Washington’s Blog reminds us that things got ugly during the last prolonged depression in the United States. This interesting historical footage from the Great Depression shows what happens when large...
View ArticleSetting the Bar Very Low: The Unemployment Report for December 2011
Well I’m back. Yes, it’s been a longer than expected break from blogging driven by work considerations, but contrary to the rumors, I have not been “doomed”. So it’s on to a new semester and a new...
View ArticleA Journey of 100 Months Starts With the First Month
Finally we are getting some good news. At least most people will consider it good news. Republican Presidential candidates hoping to run against Obama on “weak economy platform” might not happy with...
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