Friday, July 31, 2009

Not as Bad as 1982

This revises the graph I had in the New York Times Blog section.

During the three years prior to the end of this recession, three year GDP growth was essentially the same as in 1980-82, but we got there with less depth (ie, more GDP DURING those three years), because the famous early 1980's recession was actually two recessions.

Of course, we have to wait to see whether this recession will be followed by a second.

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