The ‘D’ word is being uttered in the mainstream now. Despite whatever the media says concerning the ‘jobless recovery’ we’re in (which is a complete oxymoron) or the ‘summer recovery’ we’ve begun that Obama touted as truth last month, all indicators are pointing to the fact that the US is officially entering an era of economic depression, something not seen in my or my dad’s generation.
The numbers tell the story. A couple of articles in particular are pointing to this fact. One on CNBC, the other by Ambrose Evans-Pritchard of the Telegraph. In addition, even liberal, Keynesian economist Paul Krugman from the New York Times is calling this the beginning of the Third Depression, as I talked about in my last entry. He is dead wrong on how to fix it, but his diagnosis is correct.