[hoosier hick]

Instead, in the uncertain world in which we live, the private sector necessarily speculates about the future–and some of those speculations will be wrong.

Most younger adults were not in a position to make this judgment correctly. In my own family, the 4 older of us were all adults for the 1982-83 recession, while our youngest was 13. The youngest became an adult and made decisions without the benefit of experiencing a "real recession." Without that experience, it can quickly become a disaster, as they don't see the downside possibilities. I suspect for many younger than 40 this recession/depression will leave a lasting impression, if not lasting damage...

hh

[hoosier hick]

As a follow up to my posting #4, the debt charts at the end of the blog are, indeed, startling. Under this framework, consumers will be unable or unwilling to further grow demand by going back into these types of debt levels— therefore no recovery in employment...

hh