Depression Fears Begin to Take Hold
Since the recession first started in December, 2007, it has often been referred to by economists and politicians as the greatest economic crisis this country has faced since the Great Depression. Yet, as menacing as this description may be, few ever dared to use D-word to describe the current economic crisis, at least until now.
Last month, Paul Krugman, a Nobel-prize winning economist and regular columnist at the New York Times, declared in an article that we are now in the midst of a depression. “We are now, I fear, in the early stages of a third depression,” he wrote. “It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.”
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