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Sunday, March 8, 2009
By Dr. Steven Taylor

Via the AP: Recession on track to be longest in postwar period

If it lasts into April — as it almost surely will — this one will go on record as the longest in the postwar era. The 1981-82 and 1973-75 recessions each lasted 16 months.

Unemployment hasn’t reached 1982 levels and the gross domestic product hasn’t fallen quite as far. But the hurt from this recession is spread more widely and uncertainty about the country’s economic health is worse today than it was in 1982.

To me it seems the real issue is how much longer it lasts in its current form, for while it has officially been going on for over a year, it wasn’t obviously a recession (in terms of general public perception, let along having the official data) until roughly six months ago (indeed, politicians were arguing over whether we were in one or not not that long ago).

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Filed under: The Economy, US Politics | |
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