Dean Baker
We can infer this based on his confident assertion that tens of millions of workers will absolutely have to experience prolonged bouts of unemployment because of the collapse of the housing bubble. Rogoff and Reinhart find that it typically takes 8-10 years to recover from the effects of a financial crisis. They therefore infer that we should it expect 8-10 years to recover from this crisis.
Of course by the Rogoff, Reinhart, Brooks methodology we should expect most newborns to die before they reach the age of 5. If we looked back over the last 8 centuries and picked random 20 year intervals, in most countries during most of the period, the vast majority of children would die before they reach the age of 5. Therefore we should conclude that this time is not different, most children born in 2011 will not live to be 5. Brooks also repeats Republican claptrap about how the stimulus did not create any jobs.
Of course by the Rogoff, Reinhart, Brooks methodology we should expect most newborns to die before they reach the age of 5. If we looked back over the last 8 centuries and picked random 20 year intervals, in most countries during most of the period, the vast majority of children would die before they reach the age of 5. Therefore we should conclude that this time is not different, most children born in 2011 will not live to be 5. Brooks also repeats Republican claptrap about how the stimulus did not create any jobs.
Third world western nations.
ReplyDeleteTens of millions? No, the future of America will be joblessness everywhere and with everyone. There is no recovery coming buddy, not in 50 years.
ReplyDeleteIn a few years we will see:
1) higher prices for necessities and luxuries,
2) a larger number of lays offs and people not working (there was no job growth),
3) further devaluation of our dollar,
4) more outsourcing,
5) increased debt,
6) ALL middle class people and even many in the upper class fall to trailer park living,
7) crime rates grow exponentially,
8) drugs and stupidity spread even more,
9) insurance companies fail = no more nurses, doctors, prozac, or percocet!
10) a pointless election,
11) pedophiles and sexual predators accepted into mainstream society thanks to Hollywood and sociopaths like Hugh Hefner,
12) possibly the legalization of many street drugs,
13) less police, more gangs and groups of youth out to steal or kill, tied in with complete decimation of the former middle class neighborhoods,
14) socialists, unions, and communists out in violent riots,
15) heavier regulations economically and in your own home,
16) another great war perhaps.
I'm not sure what kind of whacky person would want this to continue and wait for some form of recovery while we sit around like this watching our country being torn to shreds. If there is to be no collapse, a shtf scenario, then that's pretty frightening.