We Are In a Modern-Day Depression
Mortimer B. Zuckerman
Given Obama's ineffectiveness, no wonder confidence has crashed
Take a deep breath. The industrialized world of the west -- very much including
The most extensive and dramatic fiscal and monetary stimulus policies in U.S. history have failed to trigger a recovery dynamic where growth can be sustained without reliance on government steroids. To put it in context,
The Obama administration, along with many forecasters, had predicted a V-shaped recovery and expansion based on the historical experience of the 1970s and 1980s, when sharp recessions were followed by equally sharp rebounds, reflected in growth rates of 6 or 7 percent. Not this time. The
Meanwhile, real per capita income remains below its 2006 level.
This is a modern-day depression.
It is not the 1930s because, as economist
Businesses are focusing on enhancing productivity rather than expanding employment. There has been no net increase in full-time employment since the Obama presidency began. These days, hiring is concentrated on temporary and part-time workers. In the last five months alone, we have lost just shy of a million full-time employment jobs. As a result, forecasters are racing to reduce their projections of U.S. growth, reflecting disappointing data across the board on spending, employment, and confidence.
The business community has grown increasingly pessimistic.
According to the most recent
This was the beginning of a yawning credibility gap between the Obama administration and business. It has been aggravated by the administration's tendency to lay blame on the so-called fat cats of the business and financial communities and to pillory the president's favorite villains: "millionaires and billionaires," by his definition any family or business with an income of more than
Available at Amazon.com:
- A People's History of the Great Recession
- Job Destroyers Don't Deserve Tax Holiday
- What the Recession Has Done to the Rich
- Pot Calls Kettle Risky: The Wit and Wisdom of Tim Geithner
- New Layoffs Are Harbingers of Broader Economic Changes
- Is Obama's National Infrastructure Bank the Answer on Jobs?
- We Are In a Modern-Day Depression
- Dunkin' Donuts, McDonald's Franchises Warn of Job Cuts
- Despite High Unemployment, Millions of Job Openings
- How Renters Could Save the Housing Market
- How Low-ball Appraisals Are Limiting Housing Recovery
- The Moral Question
- Rise of the Renminbi as International Currency
- United States Woos Foreign Shoppers to Boost Sagging American Economy
- How to Create More Jobs by Lowering Wages: Texas and America
- 15 Stunning Statistics About the Jobs Market
- Training Unemployed for Specific Jobs Could Solve Many Problems
- Housing Slump Will Hurt Economies Well Into Future
- Can the Government Help the Housing Market?
- Are American Consumers Relapsing Into Debt Addiction?
- Obama Deficit Plan Could Derail Hopes for Super Committee Success
- Raising Retirement Age: Reflection of Our Evolving Economy
- Why Math and Science Education Means More Jobs
- A Good Fight
- America's Government Contracting Bonanza Bilks Taxpayers
- Two Cheers and One Jeer for the American Jobs Act
- Obama Jobs Plan Seems to Get a Boost From CBO Chief
- Will Obama's Jobs Plan Help Small Business Hire More?
- More Americans in Poverty Than Ever Before
- Why Consumers Aren't Spending
- Republicans Keep Helping Wall Street and Banks Over Main Street
- 5 Political Lessons of the Economic Downturn
- First Medicare, Now Paul Ryan Tackles Tax Code
- GOP Economic Plan Unlikely to Find Much Common Ground With Dems
- With Poverty on the Rise, This is No Time to Slash the Safety Net
- Vote on Disputed Trade Bill Could Be Hitched to Jobs Retraining
- Obama Vows to Do Away with Millionaire Tax Cuts and Reduce Deficit
- Has the Housing Market Finally Found Its Footing?
- Fed May 'Twist' Balance Sheet to Promote Recovery
- In Jobs Speech, Obama Passes the Buck to Congress
- Refinancing Out of Reach for Many Americans
- Self-employed Americans Down by 2.1 Million
- Government Needs to Help Job Creators and Middle Class Consumers
- Back to School and Deeper in Debt
- Will Obama Sabotage Jobs Plan With Job-Killing Free-Trade Agreements?
- Don't Fear the Double-Dip Recession
- Five Key Economic Battles Await Congress
- Feeling Stressed About The Economy? You're Not Alone
- Building an Infrastructure Builds Jobs
- Is Infrastructure the Answer to America's Jobs Problem?
- Investing in Education Is Smart Business
- STEM Education - It's Elementary
- We Need a Bold Jobs Bill to Stop the Double-Dip
- Could QE3 Help the Economy?
- What Kinds of Federal Spending Create the Most Good Jobs?
- Who's Worse Off: Europe or the United States?
- China and the United States' Debt
- Jobs Issue Plays Into Defense Cuts Argument
- Economists Forecast 2.3 Percent Growth Rate
- Why Standard and Poor's Had to Downgrade
- Who's Next on Standard and Poor's Chopping Block?
- Who Stands for Americans?
- Has The United States Economy Turned Into a Pyramid Scheme?
- Defense Industry Threatens America's Economy
- America Downgraded!
- What Standard and Poor's Ratings Downgrade Means
- The Disconnect Between Stocks and the Economy
- How the Government Is Killing Job Creation
- Along with Lack of Jobs, A Wage Problem
- Jobs Picture Better Than Expected Except for Government Workers
- What The Economy Looks Like at Stall Speed
- Is a Double-Dip Recession on the Horizon?
- Job Numbers Go From Grim to Ghastly
- Cities Where the Job Outlook Is Improving
- Obama Should Take a Lesson from George H.W. Bush
- The Only Social Security Reform Worth Considering
- Crisis of Confidence: Debt Debate Erodes US Global Standing
- Global Economic Downturn: A Crisis of Political Economy
- The Rise of the Wrecking-Ball Right
- Housing Starts Are Up, but Don't Cheer Just Yet
- Could the Employment Picture Be Better than the Government Reports?
- Many Ideas for Job Creation, but Little Action
- Eliminating Mortgage Interest Deduction Could Further Hobble Housing Recovery
- New Mortgage Limits: Another Hurdle for the Housing Market?
- Markets Spike on Bernanke Talk of 'QE3'
- Can 'Gang of Six' Save the Day on Debt Ceiling?
- Do We Need the Debt Ceiling?
- European Debt Crisis: Could Italy Be Next?
- It's Back! The Misery Index Rides Again
- The President's Jobs Plan
- Budget Debate Has Troublesome Historical Underpinnings
- 4 Bright Spots for the American Economy
- Job Growth Dismal, Unemployment Hits 9.2 Percent in June
- Why Small Businesses Aren't Fueling Job Creation in This Recovery
- Public Sector Job Cuts Threaten Economic Recovery
- Handling Big Contradictions
- How the Crippled Housing Market Affects Job Seekers
- Think Startups are Fueling the Recovery? Not So Much
- Tax Havens: Shady Deals
- As The 'Mancession' Peters Out, The 'Race-Cession' Is Still Going Strong
- Obama Trains Spotlight on Flailing Economy
- Strategic Petroleum Reserve Release Could Give Brief Economic Stimulus
- What to Watch for As QE2 Ends
- How Health Care Can Save or Sink America
- Crude Predicament: The Era of Volatile Oil Prices
- Financial Rebalancing Act: Stop Worrying About Global Flow of Capital
- Globalization and Unemployment
Available at Amazon.com:
We Are In a Modern-Day Depression | Politics
(c) 2011 U.S. News & World Report