Thursday, September 29, 2011

Who Increased the Debt?








Who indeed?





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.

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12 comments:

A Beer for the Shower said...

But Obama hasn't magically fixed the problems of the past 30 years yet, and he was supposed to be able to do that in like a year or two! Therefore he's a terrible president and I hate him.

Sincerely,
Your average braindead American

California Girl said...

Dear Beer: You're awesome.

Green Monkey said...

What a great comment Beer and thanks for posting Cali Girl (I'm new here)
I'll be back again......

Nance said...

Glad to have found you, thanks to injaynesworld. Excellent graphic to share far and wide.

mermaid gallery said...

north of the border we are fascinated with the absurdity of it all.....

California Girl said...

Green Monkey: Welcome. Thanks for commenting. Come back!

Nance: so glad you came over from jayne's blog, which I always enjoy. Please come back & thx for the post.

Mermaid: I bet you are. :)

Alan Burnett said...

Well said.

Mama Zen said...

Exactly!

Lemons Don't Make Lemonade said...

PRECISELY!

If i was American, Obama would be getting my vote.

California Girl said...

Alan: Too bad nobody is listening.

Mama Zen: ditto

Lemons: Thanks for commenting. I wish you were American because Obama needs all the help he can get. Republicans are becoming more confident they can beat him (83% as of most recent ABC/Washington Post poll) and only 58% of Dems think he will win re-election. Not good.

Dutchbaby said...

Fantastic chart! Thanks for sharing it.

mouse (aka kimy) said...

if i've said it once i've said it a thousand times, i LOVE paul krugman!

thanks for the chart!!!!!

Christina

Christina
by Cole Scott