Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Krugman Defines a New Economic State - Purgatory...ABC

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Editorials & Other Articles Donate to DU
 
KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 09:22 PM
Original message
Krugman Defines a New Economic State - Purgatory...ABC
Edited on Sun Aug-23-09 09:25 PM by KoKo
Krugman Defines a New Economic State - Purgatory
Submitted by Robert Oak on Sun, 08/23/2009 - 12:32.

Good job Krugman. On George Stephanopoulos' show, Krugman amplified a much needed new term for the state of the economy, purgatory!

We've got a problem with terminology because we usually say either the economy is in recession or the economy is recovering. Either you're in hell or you're in heaven. And the trouble is we're actually in purgatory. We're actually in a situation almost for sure GDP is growing; almost for sure the business cycle leading committee will eventually decide the recession ended this summer. But almost surely also we're still losing jobs. The unemployment rate is going to continue to rise. So we're in that infamous jobless recovery state.

I am thrilled to see a third economic state defined for this has been a major problem, things are simply not on/off, black/white and the nomenclature doesn't allow for fuzziness. All of these 2D terms and thinking probably exacerbates the infamous green shoots vs. brown weeds ongoing arguments.

So now we have the odious term, jobless recovery redefined as economic purgatory.

Even better, Robert Reich says anyone who thinks we're out of the woods is lost at sea. Watch clip below:

http://www.youtube.com/watch?v=3VkXIdbiXtY

MORE AT...........

http://www.economicpopulist.org/content/krugman-defines...



Printer Friendly | Permalink |  | Top
Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-24-09 05:55 AM
Response to Original message
1. Well, It's Definitely NOT a Recovery
and it's almost certainly still a Depression. It never was a recession, except on paper.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun Sep 21st 2014, 05:42 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC