“Unemployment“, writes Andrew Malcolm at Investor’s Business Daily, “has never been this high for this long post-recession” (via Instapundit). And it doesn’t look likely to improve any time soon; “New Gallup unemployment data suggest an increase in the government’s seasonally adjusted unemployment rate for August when it is reported on Friday, Sept. 7.”
“The recession that ended three years ago this summer“, reports Paul Wiseman of the Asssociated Press
. . . has been followed by the feeblest recovery since the Great Depression, according an extensive review of the country’s economic ups and down over the past eight decades.
Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.
“As weak as this recovery is,” offers Wiseman in a piece asking why this particular recovery is the worst since World War II
. . .it’s nothing like what the U.S. went through in the 1930s. The period known as the Great Depression actually included two severe recessions separated by a recovery that lasted from March 1933 until May 1937.
It’s tough to compare the current recovery with the 1933-37 version. Economic figures comparable to today’s go back only to the late 1940s.
Following both downturns, that in the late 1920s/early 1930s and that in 2007/08, the federal government responded by hiking spending and intervening in the marketplace. Did those interventions, instead of increasing the pace of recovery instead have slowed it?
ADDENDUM: Bear in mind that, after most downturns, the economy does bounce back. [Read more…]