“The Finite World” by Paul Krugman (TIMES, 12/27/10)


          What a lot of ink is expended to explain  the condition of the economy, by charlatans and honest reporters alike; yet, it is still difficult to know what is happening.

          Honest reporter Paul Krugman continues to refer to the economic downturn as a recession that is still being felt in the United States. In his latest column, he does label it a “severe global recession,” and in past columns has referred to it as the “”Great Recession” or the “worst recession since World War II.”

          If this downturn is so severe and tenacious, as manifested by the dire unemployment situation, why isn’t it a depression? Second question: how can the United States be in a recovery if unemployment remains so high?

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