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(Yahoo)   Economists say the U.S. has entered into a permanent slump. Or as they call that in Mississippi, business as usual   (finance.yahoo.com) divider line 198
    More: Fail, U.S., U.S. economy, economists, full employment, productive capacity, Paul Krugman  
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5933 clicks; posted to Main » on 20 Nov 2013 at 11:16 AM (21 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



198 Comments   (+0 »)
   
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2013-11-20 09:46:32 AM
And we'll be in this "permanent" slump so long as supply-side economics remains a prevalent article of failth among the political class.
 
2013-11-20 09:52:13 AM
Maybe if the US farks a fat chick from the bar we can bust this slump.
 
2013-11-20 10:14:09 AM
The US has gone into a permanent slump?
Awesome, that means the White Sox are going to try to sign to a multi-million dollar contract
 
2013-11-20 10:29:20 AM
step one: vote in a democratic house and senate supermajority
step two: pass jobs bills, including desperately needed spending on infrastructure
step three: ???
step four: profit!
 
2013-11-20 10:39:08 AM
It's not a slump. It's the "new normal". We've been sold this line for years, there is a Wiki page and everything.
 
2013-11-20 11:01:33 AM
The solution is obvious! We need more tax cuts!
 
2013-11-20 11:17:19 AM
It's a recoveryless recovery.
 
2013-11-20 11:18:03 AM
Quick!  Call Studebacher Hoch!
 
2013-11-20 11:18:07 AM

Aar1012: The solution is obvious! We need more tax cuts!


For the rich, not the slaves, I mean plebs.
 
2013-11-20 11:18:25 AM

The Stealth Hippopotamus: It's not a slump. It's the "new normal". We've been sold this line for years, there is a Wiki page and everything.


Wait this?
 
2013-11-20 11:18:37 AM
Tea Party seeks to turn the whole country into Mississippi, and they're winning.
 
2013-11-20 11:19:53 AM
Sorry guys. This headline was written as a question "Has the U.S. Economy Entered a Permanent Slump?" which means the answer is no, it hasn't.
 
2013-11-20 11:20:35 AM
We should have gone to war with Syria.
 
2013-11-20 11:21:35 AM
The middle class is the main economic driver and it is dead and buried with no hope of return.
 
2013-11-20 11:22:15 AM

Carn: Aar1012: The solution is obvious! We need more tax cuts!

For the rich, not the slaves, I mean plebs.


I think the politically correct term is "minimum wage workers"
 
2013-11-20 11:22:20 AM
Permanent economic growth forever and ever amen is unsustainable.


Robot: Well, this is going to take a long time, so you may want to get some snacks.

Frylock: No, no, that's all right. I think I can wait for it.

Shake: Well, I'M going to get food.

Robot: THOUSANDS OF YEARS AGO, before the dawn of man as we knew him, there was Sir Santa of Claus, an ape-like creature making crude and pointless toys out of dinobones and his own waste, hurling them at chimp-like creatures with crinkled hands regardless of how they behaved the previous year. These so-called "toys" were buried as witches, and defecated upon, and hurled at predators when wakened by the searing grunts of children. It wasn't a holly jolly Christmas that year. For many were killed.

Frylock: Well, that still doesn't tell me why you...

Robot: I'm not finished. YOU should have gotten a snack. A war-like race of elves from the Red Planet landed on the ice-encased Earth, and they were immediately enslaved by the unevolved Santa Ape to make his confused toys using galactic elfin technology. Toys were made into recognizable shapes and given names like "train, " but these toys were also thrown at predators and defecated upon because they were so stupid. Christmas still sucked, in a big way.

Meatwad: Boy, this IS a long story. Maybe I WILL get something to eat.

Carl: Yeah, I think I'm gonna get drunk while I listen.
 
2013-11-20 11:23:21 AM

BafflerMeal: Permanent economic growth forever and ever amen is unsustainable.


Forevermore, sanctionados
 
2013-11-20 11:24:48 AM

holybull99: The middle class is the main economic driver and it is dead and buried with no hope of return.


How so?
 
2013-11-20 11:25:21 AM

doyner: BafflerMeal: Permanent economic growth forever and ever amen is unsustainable.

Forevermore, sanctionados


clintjcl.files.wordpress.com
 
2013-11-20 11:25:31 AM
blogs.westword.com
 
2013-11-20 11:25:43 AM
The worldwide baby boom produced insane growth.

The worldwide aging of the boomers plateaued the overall growth to a less dramatic "new normal".

The rebuilding of Europe and Asia after WWII gave America real competition for everything, realigning America to "one of a bunch" as it was before WWII.

Why is this a surprise to everyone?  Those are pretty basic concepts I was taught 25 years ago in econ class.
 
2013-11-20 11:26:11 AM
Slump?  But the 1% are making record salaries....

I'm confused.  How can this be?
 
2013-11-20 11:26:31 AM

doyner: And we'll be in this "permanent" slump so long as supply-side economics remains a prevalent article of failth among the political class.


yeah this is pretty much our Wall st masters telling us "it's not going to get better so suck it up citizen"
 
2013-11-20 11:26:33 AM
Well, we could get our financial house in order and quit just throwing money out the window in hopes it works. But that's just crazy talk, that would never work.... Oh wait, it does.
 
2013-11-20 11:26:37 AM
Oh, I don't know. I think the billionaires are doing just fine.
 
2013-11-20 11:27:31 AM
Only two things can take us out of this

Higher wages or global war.

Gosh, I wonder which one Wall Street and Park Avenue would support.

/just remember, women, you're combat draftable now.
 
2013-11-20 11:27:47 AM
Suh, how dare yew besmirch the grate state of Mississippi? Why, I say, I say, Uhmma fixin' ta mash down on this a heah keyboard and give you a rat peace uv mah mind. Jes as soon as mah boy heah brings me mah mint julep.
 
2013-11-20 11:28:39 AM
I remember at the height of the economic crisis many experts saying that our predicament was so bad it would take a decade or longer to recover. That made sense to me at the time. According to that timeline we're still about where we should be.
 
2013-11-20 11:28:56 AM

fickenchucker: The worldwide baby boom produced insane growth.

The worldwide aging of the boomers plateaued the overall growth to a less dramatic "new normal".

The rebuilding of Europe and Asia after WWII gave America real competition for everything, realigning America to "one of a bunch" as it was before WWII.

Why is this a surprise to everyone?  Those are pretty basic concepts I was taught 25 years ago in econ class.


Yes they are, but some of my fellow Americans have a LOT of difficulty accepting them.

And god help you if you try running for office and admitting anything like that might even be a possibility...
 
2013-11-20 11:29:07 AM

FlashHarry: step one: vote in a democratic house and senate supermajority
step two: pass jobs bills, including desperately needed spending on infrastructure
step three: ???
step four: profit!


I'd go with this, if it was done right.

For one thing, I'd like to see all electrical poles put underground here in Houston, and while they are at it, they can pave over them with bike paths and larger sidewalks.
 
2013-11-20 11:29:16 AM
ITT - the political party that has controlled the White House for and the Senate for the last six years is completely blameless for the shiatty economy.  Instead - evil white guys in the House.  And Bush, just cause.
 
2013-11-20 11:29:24 AM
So let's see.

FDR's New Deal Legislation:

The New Deal helped increase the number of Americans who owned homes. Before the New Deal only four out of 10 Americans owned homes; this was because the standard mortgage lasted only five to 10 years and had interest as high as 8%. These conditions severely limited the accessibility to housing for most Americans. Under the New Deal, Americans had access to 30-year mortgages, the standardized appraisal and construction standards helped open up the housing market to more Americans.

30 year mortgages.  More of your money flows to banks in debt.  More money being loaned into existence, money supply inflates with debt.

He also created the Federal Reserve System, so that banks could loan money they don't have:  economic growth no longer exists, and an increase in economic activity makes the nation poorer.

So our answer to the Great Depression was to take out new, bigger credit cards to pay the old, maxed-out credit cards.  We've been buying big-screen TVs and fancy cars since then.

In the modern day, we're trying to "recover" the housing market by making houses expensive.
 
2013-11-20 11:31:08 AM
We were promised that in exchange for shipping middle class jobs to developing countries those countries would then develop their own middle class that would in turn provide a huge export market for our products and services that would create high paying jobs in the U.S..

What gives?
 
2013-11-20 11:31:38 AM
With $1.1 million dollars of federal debt per tax payer, things will only get worse. Hyperinflation will be the only thing that can get that balance off the books.  With so many people depending on other people to take care of them, it's not going to be pretty.

I suggest to any young able bodied farker: get skills that are in demand worldwide and have a plan B for when the shiat hits the fan here -- we are coming to a watershed moment. The rich are gonna get richer and middle will disappear. Make sure you get on the right side for you and your descendants .
 
2013-11-20 11:31:58 AM

devilEther: We should have gone to war with Syria.


You should lose the war, then Syria would start "nation building" in the good ol' USA.
 
2013-11-20 11:32:37 AM

DrewCurtisJr: We were promised that in exchange for shipping middle class jobs to developing countries those countries would then develop their own middle class that would in turn provide a huge export market for our products and services that would create high paying jobs in the U.S..

What gives?


Thomas Friedman promised us!
 
2013-11-20 11:33:43 AM
Krugman's article discussed in the link.

http://krugman.blogs.nytimes.com/2013/11/16/secular-stagnation-coalm in es-bubbles-and-larry-summers/?_r=0

The main contention is that the natural rate of interest has been negative for decades, and this could be explained by a paper by Paul Samuelson dating back to 1958, which correlates the natural interest rate to population growth. If the natural rate of interest has in fact been negative, then we are going to continue to have problems unless we accept this fact and modify our economy to account fot it.
 
2013-11-20 11:36:02 AM
Thank you subby for not saying Pennsylvania, or Detroit again.
 
2013-11-20 11:36:13 AM

DrewCurtisJr: We were promised that in exchange for shipping middle class jobs to developing countries those countries would then develop their own middle class that would in turn provide a huge export market for our products and services that would create high paying jobs in the U.S..

What gives?


they lied.
 
2013-11-20 11:36:58 AM
i.imgur.com
 
2013-11-20 11:37:05 AM

DrewCurtisJr: We were promised that in exchange for shipping middle class jobs to developing countries those countries would then develop their own middle class that would in turn provide a huge export market for our products and services that would create high paying jobs in the U.S..

What gives?


Jobs are no linger being shipped overseas. They are being done by robots -- real robots, not the meat robots.  The industrial age is over, chump.
 
2013-11-20 11:37:32 AM
*shrugs* it's always a crisis in america

either we're in a slump, or we're exploding unsustainably, or we're growing too slow, or growing too fast, or the terrorists are going to kill us all, or global warming is going to kill us all, or drugs are going to kill us all, or mental illness is going to kill us all, or a meteor is going to kill us all, or jebus is kill us all
 
2013-11-20 11:39:04 AM
It's so weird. It's like having the expectation of permanent growth, coupled with vast wealth inequality, and maintaining existing jobs while also increasing efficiency somehow creates an unsustainable economic model. Who could have guessed that?
 
2013-11-20 11:39:51 AM

AdamK: *shrugs* it's always a crisis in america

either we're in a slump, or we're exploding unsustainably, or we're growing too slow, or growing too fast, or the terrorists are going to kill us all, or global warming is going to kill us all, or drugs are going to kill us all, or mental illness is going to kill us all, or a meteor is going to kill us all, or jebus is kill us all


WHY ARENT YOU FEARFUL???!!! LISTEN TO THE MEDIA!!! THE WORLD IS ENDING AND YOU JUST SIT THERE! YOU ARE ALL GOING TO GET RAPED AND KILLED AND BEATEN, GOOD LUCK IF U ARENT WALKING AROUND WITH A CONCEALED CARRY.
 
2013-11-20 11:40:13 AM
The most obvious solution to fixing this would be a complete wipe and rewrite of the US tax code so that we can actually get the rules straight for everyone.  Our tax code has gone from being a 4 step manual to operate a drill, to a six book manual, for the exact same farking drill. Until we get this crap straightened out, everything else is pointless. And yes, every politician who talks to you about cleaning up the tax code and eliminating loopholes without talking about starting from scratch is lying to you.

This is the only way this economy is going to move forward.
 
2013-11-20 11:40:22 AM
I can't imagine why an economy based upon the wealth and spending of the populace would have problems after four consecutive decades of stagnant wages and virtually all income gains going to the very rich while prices rise inexorably. It's a mystery.

i.imgur.com
 
2013-11-20 11:41:29 AM
Isn't the article saying that part of the problem is that Americans are attempting to live within their means instead of on credit? The economy is a crazy system.
 
2013-11-20 11:43:01 AM

The Stealth Hippopotamus: It's not a slump. It's the "new normal". We've been sold this line for years, there is a Wiki page and everything.


Just suppress your gag reflex and swallow it. You need to keep reminding yourself that there's no other choice - free trade and Laissez-faire economics are axioms, not failed American experiments. Whatever you do, don't start entertaining crazy ideas like:

1. withdrawing from the WTO and promoting American manufacturing over anyone else's.
2. dynamically tying maximum tax tier and minimum wage to the Gini coefficient.
3. using the Chicago plan to wipe out 95% of the national debt within a year or so.
4. rewriting the stock market so that it's not a gambling parlor with microsecond trading.
5. constitutionally requiring that infrastructure expenditures be three times military expenditures.

Because even though the country has turned to sh*t and young people are left holding the bag, entertaining any fresh ideas is tantamount to inviting Satan to run things...
 
2013-11-20 11:43:08 AM
Carter was wrong. The 70s wasn't malaise. This is malaise. We're a country that doesn't try and elects leaders who thinks passing program cuts and no tax increases is a "bargain."
 
2013-11-20 11:43:23 AM
 
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