“The Lesser Depression” by Paul Krugman (TIMES, 7/22/11)


     Kudos to Paul Krugman for identifying the economic downturn we have been experiencing since 2007 as a “lesser depression.”  It is about time that so perceptive an economic reporter like Krugman has stopped referring to it as a “recession,” a “Great Recession” or the “worst recession since World War II.”

     Too many commentators who should know better have, unfortunately, been misinforming the public by soft-pedalling their accounts of this serious economic downturn.  The USA has been in the throes of a depression in these four years and there is little sign of any letup.  On the contrary, it could get worse, especially if the Republicans get their way.

     Which brings me to my next point in responding to Krugman; i.e., he should stop telling his readers that the country is experiencing a “recovery,” which is highly questionable.  Of course, this word too has been qualified by modifers like “anemic” and  “jobless” nevertheless, the patient (the U.S. economy) is still pretty sick, so “recovery” is an inaccurate description. 

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