Hat tip to Madame Scherzo.
We have been in a recession since early 2009. Quite possibly it is a depression because a simple recession would neither require the drastic economic effort to counter it that we see being used NOR have lasted for 7 years. Our choice to print, borrow and tax to subsidize our economic system is a terrible mistake. While a full blown recession is harsh it weeds out the economically weak businesses and practices and the resulting recovery is quicker and stronger for it. We chose instead to adopt a Keynesian philosophy to deal with it and for that we must pay. The economy has stagnated for 7 years and arguably the only measures of improvement we see are due to the money we pump into the economy and not from any real recovery. Meanwhile the massive printing and borrowing of money has set us up for a terrible debt reality if the economy does recover and simultaneously our crushing tax rates have prevented businesses from effectively recovering from the initial blow in late 2008.
Or to put it a different way; we are so screwed.
Wage scarring — victim here. I any very screwed.
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