{"id":1663,"date":"2011-09-12T09:59:38","date_gmt":"2011-09-12T13:59:38","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=1663"},"modified":"2011-09-12T10:06:15","modified_gmt":"2011-09-12T14:06:15","slug":"off-the-charts","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/off-the-charts\/","title":{"rendered":"Off the Charts"},"content":{"rendered":"<blockquote><p>&#8220;Through several recessions and recoveries, inflation-adjusted GDP rose almost in tandem with a line of predicted growth expectations. But in November 2007, something changed. Real GDP dropped down from what was expected by more than 11 percent, and, as this summer&#8217;s data has shown, it hasn&#8217;t returned to its pre-recession trend. The unusual slump has provoked a stream of commentary that attempts to define the problem, but it hardly matters whether the downturn is identified as the second dip of a &#8216;double-dip&#8217; recession, a continuation of the &#8216;Great Recession&#8217;, a fast-moving slowdown, a slow nosedive, a long-term stall-out, or a confirmation that the economy has entered a Japanese-style &#8216;lost decade&#8217;. Growth during the 21st century is following a different trend line than it did in the 20th, and employment is also responding in new, different ways from earlier post-World War II recessions.&#8221;<\/p><\/blockquote>\n<p>Levy Institute President Dimitri Papadimitriou <a href=\"http:\/\/www.truth-out.org\/die-hard-recession-heads-charts\/1315578544\">writes<\/a> in Truthout about the uniquely disastrous employment picture that has emerged from this recession.\u00a0 It is a reminder that, while there is no convincing argument as to why US government debt or deficits are causing any current economic problems, the employment situation represents a <a href=\"http:\/\/www.levyinstitute.org\/publications\/?docid=1401\">clear and present economic danger<\/a>.\u00a0 The proportion of political, legislative, and press attention paid the former, compared to the latter, is wildly unjustified by any compelling economic logic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Through several recessions and recoveries, inflation-adjusted GDP rose almost in tandem with a line of predicted growth expectations. But in November 2007, something changed. Real GDP dropped down from what was expected by more than 11 percent, and, as this summer&#8217;s data has shown, it hasn&#8217;t returned to its pre-recession trend. The unusual slump has [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1663","post","type-post","status-publish","format-standard","hentry","category-employment"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/1663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=1663"}],"version-history":[{"count":4,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/1663\/revisions"}],"predecessor-version":[{"id":1666,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/1663\/revisions\/1666"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=1663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=1663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=1663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}