Friday, January 10, 2014

The Greater Depression

"WE R F*****. WE R F*****. WE ARE SO F*****. Household Employment Survey: 56-Months Straight of Awful"—Economist Brad Delong expresses dismay at long-term unemployment in somewhat less than academic language.

But Brad, what did you expect? There is no FDR to lead us into recovery, or at least palliate the disease. Instead, our leadership is either passive or actively making it worse.

Paul Krugman has called this the lesser depression. But he was wrong. This is the Greater Depression, and it promises to go on and on.

Thanks, leaders. Thanks to the Republican leadership, who seem to love nothing so much as pain, death, and destruction. Thanks to the Democrats, who didn't fight. And thanks to Obama, who passed up so many opportunities to improve matters.

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