Stormier Weather
The economic recovery that’s been officially underway since late 2001 is probably over—too bad many Americans never got to experience it.
by John Miller, Dollars and Sense
You can bet the house, whatever its current value, that hard times are on the way—more layoffs, fewer new jobs, lower wages, tighter family budgets, more debt, and higher poverty levels. This year will see rising economic hardship even if the U.S. economy scrapes by without sinking into an official recession, usually defined as two straight quarters of declining output.
How do I know this? Hard times have been the hallmark of the U.S. economy during this decade, even as the economy expanded. We will be in for more of the same, but worse, as the economy slows and the inevitable downturn in the business cycle exacerbates the economic injuries many people have already sustained thanks to long-term shifts in the U.S. economic system. Go to Dollars and Sense
