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Post by Hyperio on Jun 10, 2011 15:18:16 GMT -5
My father's salary is still severely behind inflation. As far as I'm concerned, the recession is STILL going on, just to a lesser degree. That has nothing to do with the definition of a recession. It's bad, and a sign of economic decline, but not actually a recession. A recession is defined as two successive quarters of GDP falling. If it plateaus or increases even a small amount, it's no longer a recession. I apologize for using a term with some differing definitions. To be more precise, I should say that real personal income, employment, fiscal and social security of most families in the USA are in decline, and US politicians seem to be working actively ON MAKING THE SITUATION EVEN WORSE.  |
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Post by Oriet on Jun 10, 2011 21:49:07 GMT -5
That has nothing to do with the definition of a recession. It's bad, and a sign of economic decline, but not actually a recession. A recession is defined as two successive quarters of GDP falling. If it plateaus or increases even a small amount, it's no longer a recession. I apologize for using a term with some differing definitions. To be more precise, I should say that real personal income, employment, fiscal and social security of most families in the USA are in decline, and US politicians seem to be working actively ON MAKING THE SITUATION EVEN WORSE. Of course they're making it worse, they and their buddies are profiting from it, as evidenced by the fact that the number of millionaires has increased by 16% over the last couple years. |
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Post by ltfred on Jun 13, 2011 22:33:26 GMT -5
Paul Krugman has done interest work on the servility of economists to the nonsense being propagated by the Republicans. He describes the 'dark age of economics' where economists either forget the most important discoveries of previous years or simply pretending they don't exist*.
Be very glad you don't like in Great Britain. That country will certainly enjoy a double-dip recession this year, with rapidly increasing unemployment. And for no good reason- essentially out of wanting to look cool.
* Out of personal gain. All of the money is in nonsense economics, rather than fact-based economics.
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