Tuesday, June 12, 2012

The Middling Depression

Paul Krugman won the Nobel Prize for economics and then became a hard-left blogger for the New York Times. The other day, however, he went seriously off-message by admitting that Mr. Obama's Great Recession is perhaps something more serious, to wit: a Depression. Not nearly as bad as the Great Depression of the 1930s, but bad enough. Let's call it the Middling Depression:
Economist Paul Krugman had bad news for liberals Netroots Nation on Saturday. During his keynote speech the New York Times columnist admitted that the United States economy was suffering a depression. "We don't have a formal definition, I'd say that a Depression is when things are down, when things are terrible for an extended period of time," Krugman said, reminding them that were even "official" periods of recovery during the Great Depression. "So it is again today," he said. "It's not as bad as the Great Depression - there's a winning slogan," he added cynically. "Not as bad as the Great Depression, but it's incredibly awful."
In the 1930s, Americans kept re-electing the incumbent, who kept doing the same things over and over again. It's yet to be seen if we have learned anything in the past seventy-five years. Blue skies! -- Dan Ford


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