The U.S. economy is “not yet” headed for a double-dip recession, but a sharp and prolonged downturn is underway and may make jobs growth even tougher to come by.
When, oh when, will Obama wake up and realize that his pathetic 2009 stimulus was too small? When will he decide to take on the Republicans and get the US economy moving again? Why is he allowing the political right to handcuff him into an impossible position of claiming the economy is in a "Goldilock's state" of recovery where the stimulus was "just enough" and things are slowly but surely "recovering"?
From the Calculated Risk blog, here is the picture of the US recession and how bad it is compared to all the post-WWII recessions:
What is really depressing in Lakshman Achuthan's words is the bit saying that this slowdown isn't just in the US but is worldwide, see 6:00 into the above video. The fact that it is pervasive and worldwide means that the US can't expect help from outside to help pull its economy out of the quagmire.