Quote of the week

“What we see in the United States and some other economies is a statistical recovery and a human recession.”
–Larry Summers, Davos, January 30, 2009

“Of course; that was the intention. The stimulus money, QE, low rates, etc., etc, were geared toward goosing the stats. They were never directed toward middle or lower income individuals and reducing unemployment has not even been attempted. So now the stats are artificially inflated. Is the recession over? Of course not… it never was. This is 1936 with 1937 just around the corner.”
–A commenter on Calculated Risk

4 thoughts on “Quote of the week

  1. Ellen Post author

    Even worse, it’s a 1936 where not only is there no WPA, but state parks are actually on the chopping block in some states, including possibly in New York. In 1936, as I’m sure you know, WPA did all sorts of development and beautification projects in the state parks.

  2. Diane

    I’ve never understood the “bad rep” that the WPA and public works projects have politically. someone’s always quick to cry “socialism”. putting people to work at things that need to be done. like that’s a bad thing.

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