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Time to Say It: Double Dip Recession May Be Happening
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Contributor | Jason |
Last Edited | Jason Aug 05, 2011 07:25am |
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Category | Analysis |
Media | Newspaper - New York Times |
News Date | Friday, August 5, 2011 01:00:00 PM UTC0:0 |
Description | It has been three decades since the United States suffered a recession that followed on the heels of the previous one. But it could be happening again. The unrelenting negative economic news of the past two weeks has painted a picture of a United States economy that fell further and recovered less than we had thought.
When what may eventually be known as Great Recession I hit the country, there was general political agreement that it was incumbent on the government to fight back by stimulating the economy. It did, and the recession ended.
But Great Recession II, if that is what we are entering, has provoked a completely different response. Now the politicians are squabbling over how much to cut spending. After months of wrangling, they passed a bill aimed at forcing more reductions in spending over the next decade. |
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