Saturday, August 21, 2010
History doesn't lie, Republicans do
And Paul Krugman, writing on Trouthout, illustrates another fantasy being pushed by the nerver right wing to try and cover up the results of their disastrous fiscal policies.
Recently, I’ve also noticed a peculiar argument surfacing here and there — the assertion that people like me are exaggerating the current financial difficulties in the United States, and that things were actually worse in the 1970s and 1980s. I wonder where that’s coming from — these views are oddly similar to those disseminated on talk radio.Read the truth and it shall set you free. And we hope you will be smart enough to vote yourself free of Republican domination in November.
The simple truth is that this recession really was the big one. Catherine Rampell, who edits the Economix blog on The New York Times Web site, recently offered an updated chart comparing this recession and others since 1970. The data show that since December 2007, when the current downturn began, the economy has lost about 5.4 percent of its nonfarm payroll jobs. Compared to declines in employment during other recessions since 1970, this one is indeed No. 1.
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