It's Worse Than You Think: Halftime Between Two Lost Decades
As I've argued elsewhere on this blog, I would add a technological component to this analysis, in that rapidly changing technology is allowing companies to make product, and record profits, with fewer people... thus, figuring out how these 'extra' bodies are going to make it moving forward is an equally difficult challenge. Nevertheless, a really good piece...
An excerpt:
"So we are headed down and out for the next few years. Nonetheless, capitalism will survive, and spread, likely emerging stronger than ever, as it has done in previous crises. But it is time to face up the magnitude of the current crisis. This is not a "normal" recession that will quickly pass, or from which the economy will just bounce back on its own. We need address its root causes, both cyclical and structural, find ways to fairly share the costs that must be paid, and forge agreements on the new institutions and frameworks we need to move forward."
