Search Results

I am quite willing to admit that, based on last Friday’s job report, the Second Great Depression is now over. As regular readers know, I have been using the analogy to the Great Depression of the 1930s to characterize the situation in the United States since late 2007. Then as now, it was not a recession […]

As readers know, I have long been referring to the aftermath of the crash of 2007-08 as the Second Great Depression. Best I can tell, on this blog, since at least October 2010. Apparently, at least one other economist—none other than Ben Bernanke [ht: ja]—agrees with me. Just one year after Ben Bernanke became Chairman of the Federal […]

This morning, we’re faced with the extraordinary spectacle of two left-of-center, Nobel Prize-winning economists stumbling all over themselves trying to make sense of the role of inequality in creating and sustaining the Second Great Depression. Really?! Now, they may have missed the trend of growing inequality over the course of the past three decades. Still, […]

The partisan knives are out on both wings of mainstream economics. On the conservative side, John B. Taylor and other Romney advisers (including Kevin Hassett and and Glenn Hubbard), relying on the historical research of Michael Bordo and Joseph Haubrich [pdf], claim that the current economic crisis is an exception to the rule, and that Obama’s policies […]

  No matter how hard they try, mainstream economists have a hard time wrapping their heads around the problem of unemployment in the Second Great Depression. Brad DeLong is a good example. One on hand, he’s right: the appropriate comparison is the First Great Depression: At its nadir in the winter of 1933, the Great […]

Journalist Chris Hedges and cartoonist Joe Sacco have combined efforts to produce Days of Destruction, Days of Revolt. Together they explore the country’s ‘sacrifice zones’ – areas that have been offered up for exploitation in the name of profit, progress, and technological advancement – and show in words and images what life looks like in […]

The structure of American households has changed radically during the Second Great Depression. Many more people are now living in shared arrangements. According to the U. S. Census Bureau, there were 22.0 million shared households in the United States in 2010, an 11.4 percent increase from 2007.* This total of shared households accounted for 18.7 […]

Mainstream economists have mostly ignored (or, as I have explained before, directed into “safe” channels) the role of inequality in causing the crash of 2007-08 and in creating the conditions for the Second Great Depression. Others, however, are starting to push back. There are the new books by Jamie Galbraith (Inequality and Instability: A Study […]

The May 2012 unemployment numbers from the Bureau of Labor Statistics are out. This makes it 40 straight months that the official unemployment rate (U3) has been above 8 percent. The more inclusive unemployment rate (U6), which includes “marginally attached workers plus total employed part time for economic reasons,” has been above 14 percent even […]

We can now add Ryan Avent to the list (short as it is) of those who are coming to recognize that we’re in the midst of the Second Great Depression. Despite the nastiness of the economic picture, the ECB is widely expected to take no action at its meeting tomorrow. The euro area is walking, […]