Thursday, December 4, 2008

Horribly bleak assessment of the day

Paul Krugman: Worries about next year
I’ve been ruminating over economic prospects for next year, and I’m getting scared.

So here’s what I’m wondering: will it, in fact, even be possible to pull the economy out of its nosedive before unemployment goes into double digits? I’m starting to wonder.
Among the reasons he cites: hemorrhaging half a million jobs a month, tax rebates and cuts being unable to change consumer demand, stimulus not getting traction, and the inability to large scale infrastructure spending to get off the ground fast. He's not saying its time to start garroting and shanking your fellow man....but you should be pricing piano wire and putting a razor edge on the linoleum you pried up off the kitchen floor. He has a Nobel Prize, be afraid.

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