Krugman: Here Are 3 Charts For Anyone Who Thinks The Economy Isn't Terrible

The Business Insider ^ | 7-29-2010 | Gus Lubin

[blam]

Krugman: Here Are 3 Charts For Anyone Who Thinks The Economy Isn't Terrible

Gus Lubin
Jul. 29, 2010, 8:23 AM

Paul Krugman says he's heard a lot of people saying he's exaggerating America's economic plight. He doesn't know who these people are, and neither do we.

The NYT columnist posts three charts as proof things are worse than anytime since the Depression. First, rate of decline in employment:

Second, unemployment rate -- noting the higher baseline for unemployment leading up to the 1982 spike:

Third, duration of unemployment:

Now check out 19 Signs The Economy Is Worse Than Ever In You Lifetime -->

[snip]

[Da Coyote]

Just like a stopped clock, even a clown like Krugman can be correct occasionally.

[domenad]

Don’t be impressed. I’m no doctor, but I can look at a limb that is rife with gangrene and say “Hmmm. That looks infected.”

[Pollster1]

And a picture for those who think things might get better.

[Right Wing Assault]

Worse Than Ever In You Lifetime

BI should hire one of those unemployed proof-readers. Or are they just trying to 'relate?'

[paudio]

I have a feeling that Krugman is talking about the severity of the economy for two reasons: (1) to show that the recession caused by Dubya turns out to be worse that expected, so it takes more time to recover, and (2) to make argument for more stimulus, which he would argue as the only way to get out of the recession.

[demsux]

Krugman is a “JournOlist” member...I’m guessing, for some reason, Owebama told him to say this.

[MNJohnnie]

Yes Paul and everything you purposing to “Fix this” will make this disaster worse, not better

[flowerplough]

Yep. Pro’ly the first time ol’ Broken-Clock Kruggy and I have agreed.

[Paine in the Neck]

Krugman is a “JournOlist” member...I’m guessing, for some reason, Owebama told him to say this.

They are trying to set the predicate for another stimulus package. Krugman's position is that we are in the condition he describes because the previous stimulus bill wasn't big enough.

[WOBBLY BOB]

I loves me some charts:

[benewton]

There should be a barf label on that post.

[blam]

"They are trying to set the predicate for another stimulus package. Krugman's position is that we are in the condition he describes because the previous stimulus bill wasn't big enough. "

I read yesterday about rumors that world governments are talking about a new $5 trillion stimulus package.

[GOPJ]

... Krugman is talking about the severity of the economy for two reasons: (1) to show that the recession caused by Dubya turns out to be worse that expected, so it takes more time to recover, and (2) to make argument for more stimulus, which he would argue as the only way to get out of the recession.

Krugman works for the JournoList Cabal - while taking paychecks from the New York Times. So his hatred of conservatives is greater... Good call, paudio.

[SC_Pete]

Krugman, like any professional intellectual, can rarely be proven wrong—if you cede his assumptions. But the markets are smarter than any deluded fantacist and ultimately will trump sophmoric, ideological constructs. The question is whether we allow the US to go broke in the meantime.

[Lancey Howard]

[sportutegrl]

His chart shows the current recession as starting in 2007. Now, I wonder what Party took control of Congress in 2007? Think, think. Hmmm.

[Lancey Howard]

Yes, Krugman fears that the economic crisis may slow down America’s freight train to communism. “Now is not time to put the brakes on!” says Krugman. “Spend spend spend!”