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Escape From Recession -- In These Times

Escape From Recession -- In These Times: "The basics

Economies depend on robust demand. When folks stop buying, when investors leave the room, when governments stop building and improving public goods, growth grinds to a halt. And when that happens, the job machine stalls, unemployment rises, those with jobs work fewer hours, wages rise more slowly, and incomes decline, especially for the lowest earners and many minorities.

The last two recessions—in the early ’90s and early 2000s—led to declines in the typical family’s income by about $2,500 (in today’s dollars). That ain’t peanuts.

Such a potential income loss is especially worrisome now, as the inflation-adjusted median family income actually remains about $1,000 below where it stood in 2000. If recession is imminent, this would be the first time that real incomes at the end of a recovery have not exceeded those at the previous economic peak."

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