Sunday, June 5, 2011

Has Joe Biden seen this chart?


Patrick_L said...

a) this chart makes clear what lots of economists have been saying for a long time, that this "recession" was closer to being a depression than it was a recession. Hence the moniker, the Great Recession.

b) even worse, this economic downturn was precipitated by a financial sector crisis. This has historically resulted in far slower economic recoveries.

TJE said...

What happened to Joe's 250-500,000 new jobs a month?

Patrick_L said...

We'll likely get to that level soon, but Biden- and the entire Obama administration has been on the more optimistic side about the economic recovery for a while. Not out of the mainstream (similar to most Wall Street predictions for instance), but more optimistic than what some economists, partly clustered on ideological ends for one reason or another- but also including many independent thinkers, have predicted. Part of their optimism is obviously political, though some of it is probably appropriate for a nation's government in an economic slump resulting from weak private market confidence. They are partly expressing confidence to make that confidence justifiable. Still, the economy is clearly not doing as well as the Obama administration, and many others, would have predicted.