Apr 22, 2008
Why the economy is worse than we know
Go ahead, call me pessimist but Kevin Phiilips has this to say in next month’s Harper’s http://tinyurl.com/57rfse
The real numbers, to most economically minded Americans, would be a face full of cold water. Based on the criteria in place a quarter century ago, today’s U.S. unemployment rate is somewhere between 9 percent and 12 percent; the inflation rate is as high as 7 or even 10 percent; economic growth since the recession of 2001 has been mediocre
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