by Fabius Maximus, FabiusMaximus.com
Summary: The news media coverage has expanded during the past 20 years, but probably only giving more heat than light. Hence the frequent assertions during 2010-2011 (eg, seen in the comments on the FM website) that we were in a recession — or even a depression. On the other end of the daft spectrum, we have the repeated forecasts since summer 2009 of the boom coming this year. After proving false, forecasters have settled on a target date of next year (ie, 2014). In fact, as many have pointed out — from Paul Krugman to articles on the FM website — the America economy has been slowly expanding, fueled by extreme monetary and fiscal stimulus. Accompanying this has been structural change of a grim sort. This post gives a quick review of these three perspectives, as seen in the jobs numbers.
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