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Does Barack Obama understand the seriousness of the economic crisis? Yesterday, he laid out his economic agenda, and it was filled with all sorts of important exhortations and proscriptions. He appropriately condemned the “anything goes” policies of the last administration. He declared that government is now the solution to our woes, not the problem. Still, I worry that the president elect is underestimating the problem he and the country faces.
We may not simply be facing a steep recession like that of the early 1980s, from which we can extricate ourselves in a year or two, but something resembling the Great Depression of the 1930s. For starters, the current crisis is global, which means that one part of the world can’t lift the other out of its misery; everyone will go down together, which is what happened in the 1930s. Secondly, the downturn has combined an unusual decline in the real economy–employment in durable-goods manufacturing fell by 21.9 percent from 2000 to 2008–with a financial crash precipitated by the bursting of the housing bubble.
(via Talking Points Memo)
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Estimated total calories members of Congress burned giving Bush’s 2002 State of the Union standing ovations:
A fertility scientist named Panayiotis Zavos announced that he had created human-cow embryos that were theoretically viable, but denied that he planned to allow such a hybrid to be implanted in a woman’s womb. “We are not trying to create monsters,” he said.
A statistician determined that the five most common first names among New York City taxi drivers are Md, Mohammad, Mohammed, Muhammad, and Mohamed.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”