Paul Krugman: The Un-Recession

[Wetzelbill]

Paul has an excellent graph for this blog post too. -WB

I can’t wait to hear how the White House tries to spin today’s employment report. But to be fair, this is an odd slowdown, by historical norms: no clear decline in GDP, no months of 6-digit job losses. Instead, the economy is being slowly ground down.

What I suspect, however, is that this is what the 21st-century business cycle looks like. The sharp slumps of the past partly reflected an inflation-prone environment, in which the Fed occasionally had to slam on the brakes; it also reflected a mainly goods-producing economy, with lots of inventories, in which recessions had a lot to do with inventory adjustments.

Anyway, what’s in a name? The reality is that the economy is in a lot of distress.

http://krugman.blogs.nytimes.com/2008/09/05/the-un-recession/

[provis99]

1. Krugman is a clueless twit. n/t

[ixion]

2. hardly

:eyes:

[Wetzelbill]

3. how is that?

Considering he's a likely Nobel Laureate at some point. And probably the best progressive economist out there.

[depakid]

5. Just an Obama sycophant making an ignorant comment

[Tesha]

10. What a clever defense of your apparently-opposing viewpoint! Kudos! (NT)

[zbdent]

4. I thought that the summer was supposed to be all about those jobs the kids get

while they were out of school ... not "job losses" ... guess all those theme parks didn't get the "frivolous expenditures" money they were used to getting ... families blowing hundreds of dollars on all kinds of stuff, like cotton candy ...

[Wetzelbill]

6. yeah imagine the shock in finding out the GOP is wrong about jobs and economics

Their predictions are usually so dead on. :)

[zbdent]

9. Yeah ... I remember the great depression of the 90s that they predicted

should Clinton's economic package be passed (it did). They said that they would have nothing to do with the havok which it would cause (they lied ... they tried to claim that all the good things that happened were because of, in no particular order, Reagan, Bush41, Nixon, Ford's 2 years of appointed presidency, their own "legislation" which was never signed, Y2K ...)

[Democrats_win]

8. Good memory! Now the kids are back in school and unemployment went up.

Of course you can't trust any Republican to tell the truth.

[Democrats_win]

7. Years ago, I read that Bush Sr. believed the economy would need fewer people.

I think this is something that Bush Sr. and New World Order friends discussed. They believed that relatively fewer people would need to work to keep the world's economy going. Funny that this comes from a man famous for not having a vision.

In view of this, maybe we can understand what's happening when we compare this to the low unemployment days of Clinton.

[lonestarnot]

11. Can you imagine the first answer from McSame and Palin on unemployment!

bwaaaaaaaaaaaa ha ha ha ha ha :rofl: