Can anyone still doubt our national (perhaps global?) economic distress? Runs on the banks. A tank of gas edging toward Benjamin territory. Someone you know (or mayhaps many someones you know) out of work and/or looking. Or giving up looking. Starbucks (Starbucks!) closing 600 stores.
Let’s have a show of hands: How many of you (U.S.) readers believe that this Spring’s tax refund “stimulus” could have been an order of magnitude larger (that’s 10 times), and still not been enough? Two orders (that’s times 100)?
It doesn’t go away, our concern with the dire state of the economy.
Paul Krugman, economics professor and columnist of the NYTimes has been consistent in identifying our present financial dismay, and he has some grim news — it’s not going to get better very quickly.
L-ish Economic Prospects
By PAUL KRUGMAN | Published: July 18, 2008
Home prices are in free fall. Unemployment is rising. Consumer confidence is plumbing depths not seen since 1980. When will it all end?
The answer is, probably not until 2010 or later. Barack Obama, take notice.