This Is No Recession: This Is A Depression

[bitterlyclingin]

"Currently the economic malaise the U.S. is suffering is being misdiagnosed by the government’s economists. The slack demand in the economy and persistently high unemployment levels have been called a “soft patch” by some and a “recession” by others. Experience teaches that a true recession is a temporary decline followed by a reasonably brisk return to normal conditions. What we’re seeing instead is four-year period of economic weakness with no return to normal. To that end, the economic spin doctors insist on calling this the “new normal” when in actuality these conditions are abnormal.
The current economic malaise can best be described as a depression. A depression is essentially a period of several years in which economic performance is below normal and unemployment remains stubbornly above the average. But the word “depression” is a politically unpalatable word. It’s much more soothing to the ear to use terms like “soft patch” or “Great Recession.” No one has the guts to use the cold, harsh “D word,” but it would be more helpful for most Americans if they were informed that a New Great Depression is underway. This condition is being brought to us courtesy of the 120-year cycle decline, which still has a few more years to run."

Economists Refuse to Recognize the New Great Depression - Seeking Alpha

("Obama has not been a failure at his job. His job has been the failure of the United States"

Last month the Government promulgated 600 new regulations. Trying to run a business under an onslaught such as that was like trying to sunbathe on the beach in Pooket, Thailand the day after Christmas, 2004)

 

[American Horse]

"Currently the economic malaise the U.S. is suffering is being misdiagnosed by the government’s economists. The slack demand in the economy and persistently high unemployment levels have been called a “soft patch” by some and a “recession” by others. Experience teaches that a true recession is a temporary decline followed by a reasonably brisk return to normal conditions. What we’re seeing instead is four-year period of economic weakness with no return to normal. To that end, the economic spin doctors insist on calling this the “new normal” when in actuality these conditions are abnormal.
The current economic malaise can best be described as a depression. A depression is essentially a period of several years in which economic performance is below normal and unemployment remains stubbornly above the average. But the word “depression” is a politically unpalatable word. It’s much more soothing to the ear to use terms like “soft patch” or “Great Recession.” No one has the guts to use the cold, harsh “D word,” but it would be more helpful for most Americans if they were informed that a New Great Depression is underway. This condition is being brought to us courtesy of the 120-year cycle decline, which still has a few more years to run."

Economists Refuse to Recognize the New Great Depression - Seeking Alpha

("Obama has not been a failure at his job. His job has been the failure of the United States"

Last month the Government promulgated 600 new regulations. Trying to run a business under an onslaught such as that was like trying to sunbathe on the beach in Pooket, Thailand the day after Christmas, 2004)

Maybe that fact is why Paul Krugman recently said we need something like"a space alien" attack; that's his corollary to how WWII actually got us out of the depression in the forties. He’s acknowledging that Rooseveltian policies failed up to that point, without naming an "earthly" enemy.

 

[Toro]

This is not a Depression.

 

[uscitizen]

We are technically not even in a recession right now.

We are in a period of adjusting to globalization.

 

[william the wie]

This is not a Depression.

Got a question for you on the math we are using to analyze that but I'll make that a separate thread to avoid hijacking.

 

[expat_panama]

"Obama has not been a failure at his job. His job has been the failure of the United States"

Whoa, now there's a thought!

Seriously, if we decide to refer to the present 'festivities' as a depression because unemployment's so high, then to be honest we have to say the same about Ronald Reagan's era. It's really easy to forget but look at how Reagan's first 29 months compares to Obama's: