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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.


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posted by Ace at 05:03 PM

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