Friday, May 14, 2010

We're in for a long recovery

From the Gotham Gazette:

The country has gained over 500,000 jobs so far this year, but while the Great Recession might be over in a technical sense for the nation and New York City, the recovery path will be rocky and long. It's true that New York City lost proportionately fewer payroll jobs in this recession than in the downturns of the early 1990s and the early 2000s. Yet, by other measures, such as the falloff in total wages or the rise in joblessness among city residents, this recession is every bit as bad as -- or worse than -- the two that preceded it. Also, given the far-reaching changes we've seen in our economy and the finance sector, it is less likely that there will be a quick and steady rebound. This column examines why we are not out of the woods of economic adversity.

Consider the figures below that show major indicators for New York City during this and the two prior recessions, both of which were widely recognized as very severe slumps that took a heavy toll on average New Yorkers.


Anonymous said...

These numbers are a joke. Unemployment goes up - LETS CELEBRATE!

I dont know what everyone thinks and I might be erased for going off topic, but I just feel like everything has been turned upside down.

Dont pay the mortgage you could never afford? - Fine, blame the banks and we will subsidize you.

I could spout on.

Deke DaSilva said...

Wasn't there some joker posting here about 1-2 years ago, proposing that we make illegals citizens, and therefore they would all go out and buy homes, get $500K mortgages, and our economy would get saved?

Where is that guy?

Do you still stand by your premise?


Anonymous said...

they conveniently omitted the 1977-80 depression.
unemployment 11%,inflation 14% and interest rates 19%.
the taxpayers sent a message to the then Democratic administration. they elected a conservative president.

he "said:the government's view of the economy could be summed up in a few short phrases: if it moves , tax it. if it keeps moving, regulate it. and if it stops moving, subsidize it.
Ronald Reagan,President