By JON HILSENRATH And CONOR DOUGHERTY
Two years ago, officials said, the worst recession since the Great Depression ended. The stumbling recovery has also proven to be the worst since the economic disaster of the 1930s.
Across a wide range of measures—employment growth, unemployment levels, bank lending, economic output, income growth, home prices and household expectations for financial well-being—the economy's improvement since the recession's end in June 2009 has been the worst, or one of the worst, since the government started tracking these trends after World War II.
In some ways the recovery is much like the 1991 and 2001 post-recession periods: All three are marked by gradual output growth rather than sharp snap-backs typical of earlier recoveries. But this recovery may remain lackluster for years, many economists say, because of heavy household debt, a financial system still damaged by the mortgage crisis, fragile confidence and a government with few good options for supporting growth.
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Nothing has been done to fix theVery problems that caused the great recession in the first place. For every news report we hear that things are improving, we hear another that says things are still shakey, so could this be an illusion?
ReplyDeleteIn fact are things still a little bit shakey or are we headed into the greatest depression the world has ever known?
Many are predicting that by late 2012, we are going to see global depression on a scale that noone has ever seen. No history books will have a comparison. The picture is quite grim indeed.
For billions will be unemployed, left homeless and starving, trade packs will be broken, boarders closed, anti imigration will be common. Things are going to be very darj indeed. start preparing everyone.
Start? Anyone that hasn't started by now is pretty much screwed.
ReplyDeletemy country abandoned gold cause gold cause greed. i dont like greed i like good old happy times. shiny things cause greed. greed is the root of unhappyness. so I shall take it upon you to do the math, i am a revoltionary ready to take action. we are ready to see great senaters do there jobs. peace be with you brother. yes we reach for the light. light is good.
ReplyDelete- Sam
I was around at the time as were the rest of us. First of all, they never even were willing to admit we were ever in recession until afterwards, when they claimed we were out of one. They always lie and we are not so stupid that we can't see that.
ReplyDeleteSecondly, these aren't considered recessions, they are depressions. When they won't admit it's happening, that's a recession, when they claim it's a recession, then it's a depression. And when they admit it's a depression? Then we are fucked.