Comstock Partners points out that the reason that this recovery doesn’t feel much like a recovery is that it’s far below the average post-war recovery at this stage:
The results are very clear that the current recovery is far weaker than the prior two expansionary periods, which themselves were below the average for post-war recoveries. The results are outlined as follows. Remember, for each indicator we are showing the change over 31-to-33 months after the cyclical peak for the economy.
[…]
The facts speak for themselves. The current recovery is far weaker than the prior two, which themselves were weaker than the average for post-war expansions. Moreover, as we discussed in previous comments, even this sub-par recovery has been losing steam in recent months.
The factors they list include GDP, new home sales, and industrial production.
I’m reminded of a quip attributed to Lincoln: “If this is tea, bring me coffee; if this is coffee, bring me tea.”
Wasn’t this something Rogoff and Reinhart mentioned as a possibility? That financial crises lead to atypical recessions?
Linky
Funny how Krugman and his merry band of followers missed this. I know lets call everyone who doesn’t agree with Krugman a corporate shill and Rethuglican…yeah that will work.
Whether we call then financial crises or debt bubbles, Steve V is right. With such massive drags on the economy as wealth destruction and long term higher unemployment the only solution is real growth – growth driven by capital employment, risk taking, innovation etc ………………and the prospect that if you succeed you won’t be made out to be a villain and have the tax man waiting for the spoils.
Krugman’s sycophants are largely ignorant, but Mr. Krugman is not. He’s very bright. But he is dishonest and an ideologue. He knows full well that his policy advocacy will not result in near term improvements in economic performance or employment, and are just thinly cloaked calls for government expansion. What a ghoulish man.
the only solution is real growth – growth driven by capital employment, risk taking, innovation etc ………………and the prospect that if you succeed you won’t be made out to be a villain and have the tax man waiting for the spoils.
Classic Drew. Yes, the problem is that people might say something mean about a capitalist and then ask him to pay a fair amount in tax. Let’s hear it for bold entrepreneurs: all that can hold them back is mean words and taxes.
By the way: I’m having a great year. I’ve even created a project that has game developers, publishers, VC’s and corporate sponsors lining up to participate.
Of course if anyone says something mean to us we’ll totally quit. Waaaah.
“With such massive drags on the economy as wealth destruction and long term higher unemployment the only solution is real growth – growth driven by capital employment, risk taking, innovation etc ………………and the prospect that if you succeed you won’t be made out to be a villain and have the tax man waiting for the spoils.”
Who will buy the new products?
Steve