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.: April 2009 --> Are we in another Great Depression? and what to do about it

Are we in another Great Depression? and what to do about it

» A Little Weekend Reading: Joseph Stiglitz on the scope of the current economic downturn: "We're experiencing the worst downturn since the Great Depression, and we haven't reached the bottom yet. I'm very pessimistic."

And Robert Reich on what to do about it: "This is still not the Great Depression of the 1930s, but it is a depression. And the only way out is government spending on a very large scale. We should stop worrying about Wall Street. Worry about American workers. Use money to build up Main Street and the future capacity of our workforce"

I like Reich's prescription very much. The Labor Department's broadest measure of unemployment, which includes those receiving unemployment benefits, people who have stopped looking for work, and who can't find full-time jobs, hit 15.6% in March.

And Barry Eichengreen and Kevin H. O'Rourke remind us that economists who say US economic conditions aren't as severe as the Great Depression miss the point. The Great Depression was a worldwide event. And tracking world economic conditions, this downturn is at least as bad as that one. (via rte)

 [ 04.10.09 ]



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