Saturday, March 5, 2011

US "Recovery"

This is a bad recession for the US. It was deep and it is very slow in coming back. As the following graphic shows, it was the deepest since the Great Depression. And the recovery is going to take 6 or 7 years. The 2001-2005, the Bush "economic miracle" was the slowest recovery since WWII until this Bush 2008 bubble burst. Sadly Obama didn't fight hard to get the size of stimulation and the dedication to continue stimulating long enough to get the economy on solid footing. From the Calculated Risk blog:

Click to Enlarge

The tragedy is that the right wing nuts, the Republicans, are whooping for blood. They want austerity. They want to rip the flesh off the bottom 90% of the population now that they have gotten Obama to give them an extension on the Bush tax cuts for millionaires and billionaires. If they succeed in getting spending cut, the US will likely slide into a 1937-style recession within a depression.

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