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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Sully- who wrote (69410)2/10/2009 11:35:08 AM
From: TimF  Read Replies (1) of 90947
 
By CBO’s estimates, economic output over the next two years will average 6.8 percent below its potential—that is, the level of output that would be produced if the economy’s resources were fully employed

I've seen that measure a few time and find it odd. IMO its inaccurate and arrogant to think we can actually know what the economy would produce if all its resources where fully employed.

Unemployment rate, reduction in real GDP, increase in unemployment rate, net loss of jobs, and other measurements are better IMO. (Not perfect, but then comparisons of economic stats, or even the stats themselves, are not perfect)

By those measurements this downturn is so far similar to, or not as bad as, the 1981 recession, and not nearly as bad as other recessions which most people have never heard of in 1948, 1953, and 1958.



scienceblogs.com



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