Worried |
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| By: Ari Thursday December 4, 2008 6:30 am | |
Next year is going to be incredibly painful. Krugman sums it up fairly well:
So here’s what I’m wondering: will it, in fact, even be possible to pull the economy out of its nosedive before unemployment goes into double digits? I’m starting to wonder.
We had a recovery with no real increase in income. Now all those who didn’t benefit during the good time will be out of work.
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and congress did nothing in october when they were warned that an immediate stimulus package (waiting until january would be too late) was necessary.
on the bright side, the world-wide economic contraction might mean enough demand destruction to have an impact on reducing greenhouse gas emissions. yes that is snark but i’ve actually wondered for sometime if a depression wasn’t some people’s idea of a plan to deal with global warming.