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May 01, 2012

Paul Krugman: We're In A Depression

This is what I was getting at, last week, when I argued that 2.5% growth for Obama would not cut it-- 2.5% is fine (if tepid) growth in a recovered, growing economy.

But our economy hasn't recovered. It's just growing along the bottom, not back up at the top.

Krugman terms this situation a "depression," definitionally, and notes that the 30s had periods of "recovery" and "recession" as well, but all marked from the bottom, as the country was in depression even during its "recoveries."

I don't agree with him about his prognosis -- Spend, spend, spend! -- but yeah, I'll agree we're in a depression.

posted by Ace at 05:03 PM

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Krugman terms this situation a "depression," definitionally, and notes that the 30s had periods of "recovery" and "recession" as well, but all marked from the bottom, as the country was in depression even during its "recoveries." I don't agree with him about his prognosis -- Spend, spend, spend! -- but yeah, I'll agree we're in a depression. posted by Ace at 05:03 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments Anonosaurus Wrecks, Now With Peppermint Mocha! 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