And it ain't pretty.
Kevin Drum used to have the blog "Calpundit," a blog so good it was the first thing I -- among plenty others -- turned to after revving up the computer early every morning. He eventually moved on to new editorial duties. Drum can (and should!) be read daily at MoJo. Here, for example, is today's revelation.
The Fed’s Jeremy Nailewaik argues that a measure of GDP using income levels is a more reliable guide to the actual business cycle than the traditional measure of GDP using spending. If that's true, says Justin Wolfers, the recession started nearly five years ago and was much deeper than we think: GDP per capita dropped 7% and is still well below its pre-recession level.
And what are we doing about this? Pretty much nothing.
Let's see. Five from 2011 is 2006. Ka-boom. In 2008 we handed a broom to Barack Obama and pleaded with him (naively) to clean up the mess. We can discuss whether the broom was grabbed out of his hand by Republicans in Congress or whether he handed it over to them, but they sure haven't used it to sweep the flood waters, tornado detritus, and corporate pollution out of our lives. We're homeless and buried in the stuff.
