Paul Krugman's NY Times Op-Ed today focuses on the myth of debt recovery in the past.
You often hear assertions to the effect that in the past the economy has always rebounded strongly after a recession, so there must be something special at work here — and that something special must be the socialist in the White House.
Yet the reality is that weak recoveries have actually been the norm for the last two decades: both the 1990-1991 recession and the 2001 recession were followed by prolonged “jobless recoveries”.
Take another look at what we're going through and tell me we should be out of danger now two years after the failure of the biggest banks and financial firms in the world as well as the automotive industry.
Come on people.