It was only on the first of December that we finally got formal permission from the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) to call what the U.S. economy is experiencing a recession. Just a few days later, after the Labor Department announced that U.S. employers shed 533,000 jobs in November and 1.2 million since August, some were agitating to ditch the R word and replace it with the more ominous D one. "Shall we call it a depression now?" asked former Labor Secretary Robert Reich. "The threat of a...
Don't Say the D Word
No, we're not about to relive the 1930s. But we may have to expand our economic vocabulary
Subscriber content preview.
or
Log-In
To continue reading:
or
Log-In