U.S. In Depression, Professor Says
Posted 01-13-2009 at 09:11 AM by Chris Monty
Here's some cheery news for you this morning.
One U.S. professor thinks that we’re now in a Depression. What do YOU think?
Richard Posner, an influential law professor at the University of Chicago, believes the United States has entered a depression.
The conservative lecturer believes Keynesian-style stimulus would be a better solution to the economics crisis than tax cuts.
Posner acknowledged that “depression” is an ambiguous term, but in the Becker-Posner Blog, a daily commentary he writes with Nobel Laureate Gary Becker, he argued that the current environment fits his own definition:
“There is no widely agreed definition of the word, but I would define it as a steep reduction in output that causes or threatens to cause deflation and creates widespread public anxiety and a sense of crisis.”...
Read More Here...
U.S. Now in Depression
One U.S. professor thinks that we’re now in a Depression. What do YOU think?
Richard Posner, an influential law professor at the University of Chicago, believes the United States has entered a depression.
The conservative lecturer believes Keynesian-style stimulus would be a better solution to the economics crisis than tax cuts.
Posner acknowledged that “depression” is an ambiguous term, but in the Becker-Posner Blog, a daily commentary he writes with Nobel Laureate Gary Becker, he argued that the current environment fits his own definition:
“There is no widely agreed definition of the word, but I would define it as a steep reduction in output that causes or threatens to cause deflation and creates widespread public anxiety and a sense of crisis.”...
Read More Here...
U.S. Now in Depression
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