This economy really is the 'new normal'

  • Article by: Caroline Baum , Bloomberg
  • Updated: December 19, 2013 - 6:19 PM

All those recent good vibes are actually still part of an ongoing reverberation.

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Douglind33Dec. 19, 13 7:34 PM

Apparently, economists take a pessimism pledge. Good news will be discounted or ignored and gloom will be portrayed as realism. More of the same.

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erikj3Dec. 19, 13 7:42 PM

Cue the usual suspects blaming Obama for this horrible (for everyone but the 1%) economy. As if seeds weren't planted during the early years of the Reagan administration, if not a decade before when wages started stagnating while productivity kept increasing.

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tnesleyDec. 19, 13 9:15 PM

If the administration will adopt policies (e.g., tax and energy) to work with industry rather than repress them, the economy would explode. But that will not happen under this administration.

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swmnguyDec. 19, 13 9:54 PM

The problem is our system of corporate finance capitalism. It works when you have functionally infinite money, markets, resources and energy. We've hit the physical limits on all of those except money, and money is only infinite because we've equated it to debt and made both abstract, and both commodities that can be bought and sold on their own. Letting finance completely off the leash at the turn of the century took a bad situation and made it much worse and more immediate. Rigging our markets and making it the #1 priority to bail out finance at the cost of everything else in our economy will make this crisis deeper and longer-lasting than any financial crisis in the modern era. And nothing proposed by anyone in the US who gets any attention will do anything but make things worse. Corporate finance capitalism in an era of Zero Interest Rates is self-destruction.

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actualreaderDec. 19, 1310:07 PM

What "good news"? The fact even more people have given up seeking employment so are not counted in unemployment percentages? The fact middle-class purchasing power and security have been dropping since the mid-'70s? The fact few people these days are planning to retire early and many don't envision being able to retire ever? Whoopee!

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brotherkennyDec. 19, 1310:15 PM

Infinite growth is an impossibility and totally unnecessary. Our leaders are interested in it because they need to pay for their past failings and to further enrich their true constituents. We need to work for sustainability. Sustainable energy, sustainable food production and a stable population. Well, that or we could all just jump of a cliff in a giant herd. Which, if you think about it, is the more likely outcome.

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ti1310Dec. 19, 1310:20 PM

---Apparently, economists take a pessimism pledge. Good news will be discounted or ignored and gloom will be portrayed as realism. More of the same.---- Economics has always been known as the dismal science...

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martytoilDec. 19, 1311:08 PM

The same people that denied that there was a recession until it was almost over, are the people that are saying that we are now in a new normal. Their credibility has been lost.

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goferfanzDec. 19, 1311:15 PM

Nothing is going to rejuvenate America's job situation. We have become a country where it is way TOO painful for most citizens to become a small business owner. Who can blame them? Uncle Sam insists employers tolerate employees who can dress as they like, even move between genders, and now even dictate terms for insurance coverage. Our citizens are far more content to live on welfare, pile into SSD, or just be an employee to scrape out a living. When becoming an "employer" is too oppressive from govt regulations, a country sinks into mediocrity.......hint: that's us.

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supervon2Dec. 20, 13 5:55 AM

Remember that this administration promptly closed oil fields and drove the price of gas up for the greenies satisfaction. However, they have since learned that we need lower price fuels to make our economy work. It has taken them five years to unscrew that gaffe and now they start the debacle all over again with their health care craze. Do they ever learn to let the free market actually work or is it necessary to fiddle around just for the purpose of gaining power?

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