A few days ago I raised the question based on a provocative American Thinker essay by Randall Hoven: How deep is this recession? Is it really the worst crisis in 70 years? I am not that well versed in - nor closely attuned to - macroeconomic data and the trends they indicate. Something seemed incomplete in the essay. So I'm glad to see that Rossputin has weighed in with a thoughtful and thorough response, disagreeing with Hoven. Whether you are more swayed by Hoven or Rossputin, Rossputin's conclusion is something we all should easily be able to agree with:The Democrats’ medicine will be worse than our current illness, and will turn what should have been a moderately annoying case of the fiscal flu into a devastating economic … [Read more...]
How Deep is This Recession? Is It Really the Worst Crisis in 70 Years?
At American Thinker, Randall Hoven uses some firsthand research of federal statistics to turn down the volume on the alarm of economic "crisis". Hoven shows that while the current recession has not yet quite reached its peak, on several major measures it's not as bad as several others since World War Two:So simply going by averages, this recession should end this year, maybe even in this quarter or the next. If things go bad, or no worse than in the last 60 years, we might not pull out of it until late this year, with lousy employment figures lagging into 2010. By the way, none of the previous recessions was ended by the government spending a trillion dollars. Our current deficit is projected to be 7% of GDP or more. The deficit never … [Read more...]