This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize.
Sentiment: NEGATIVE
Not every business cycle has a financial crisis. Frequently they do.
If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.
The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.
The economy has barely recovered from the so-called 'Great Recession', with a 2 percent annual rate of growth since mid-2009. Peak worker wages, business investment, and productivity all occurred around the year 2000.
Fiscal crises often turn into financial crises, dealing a blow to the real economy.
A recession is predominantly for the middle class. Where I come from, the majority of people have always lived in a recession.
A long-term crisis, after a certain point, no longer seems like a crisis. It seems like the way things are.
When everything is going well, the role of the state in the economy should be limited. When we are in a crisis, it's different.
The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.
The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
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