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Not a Recession? Then what do we call it?
from Edward Fullbrook
Below is a graph from the New York Times.
Sources: Analysis of Current Population Survey data by Gordon W. Green Jr. and John F. Coder, Sentier Research
Median real household income in the United States is now over ten percent lower than what it was at the end of the last century. And over 60% of that decline has taken place since “the end of the recession” in June 2009.
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Edward Fullbrook and Jamie Morgan
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Maria Alejandra Madi / Jack Reardon
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Edward Fullbrook and Jamie Morgan
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Real-World Economics Review Blog 
a recession is when your neighbo is out of work. A depression is when you are out of work.
More evidence that the 99% dont matter…it must be the consumption of the 1% that is keeping us out of a technical depression. The plutonomy is saved again by the sleight of hand of statistics.
Ed et al, Thanks. Now, I’m going to have to look up that brilliant RWE guy who “discovered” the truth about “recessions” which he correctly identified as the aftermath of “fleecing the wee sheeple” or “big feeding frenzy” if you prefer a more apt analogy. Alice, good call, but a bit broad and I see no indication that the “new” interpretation of cooked books is either new or an end of the End Game scenario, the twilight of the false gods & demi-gods of the Big Game. What I mean is, who believes the happy talk or the Pimp & Ho Show now?
I’m in Seattle, which is way better off than almost everywhere other than North Dakota, and I have yet to meet anyone who sees the Emperor’s New Clothes. Paul, that’s a cool joke, but as you know, about 60% to 70% of the wee adult sheeple can have jobs during a depression — so what? It’s quality of life, standard of living, cultural progress, and creative evolution that really matter to most human beings I know.
I think I need to talk to Dr. Amertya Sen about all this. I’d bet that his assessment and suggestions are worth considering. Have you discussed the current phase of the process with him yet?
Agree Michael – “cooked books” is indeed nothing new at all but at least in the past they just conveniently dropped a few of the minority groups out of the stats to make the odd pollitician more comfortable until his time was up – now the book cooking is really really hot so as to convince the majority via mass msm “nothing wrong here in this economy folks – move right along”.
Just a tad blatant isnt it?
Michael.
What Dr Amartya Sen might say is this
“The Athenian intellectuals discussing equality did not find it particularly obnoxious to leave out the slaves from the orbit of discourse and one reason why they could do it was because they could get away with it.” (On Economic Inequality – 1972)
Well the 1% got away with telling governments how to run policy (to suit themselves) for decades and then how to solve the crash (ditto) and the rest is.. history.
They got away with it.