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The 90-91 recession was due (partly) to the reduction in public spending (Omnibus Budget Reconciliation Act of 1990). Also, there was a loosening job market that made people less willing to jump into a new position.
Much of the expansion of the economy, since Regan, was due to an expansion in public spending.
Hence, we are in trouble because we are addicted to growth.
What is this supposed to prove?
It doesn’t prove anything… it’s just FYI.
Cripes!
Well, it does show a few things. Nixon took us off the gold standard around 1970, and it hasn’t changed the general pattern of economic cycles. Also, look at things like, say, presidential elections. The longest periods of steady growth tend to occur during Democratic administrations (exception being my buddy Reagan). So, if you want to avoid more frequent recessions, don’t vote Republican.
I would have loved to see this chart spanning a much longer time frame. So it included at least two or three of the last big down turns.
Oh wow, now I feel much better. It’s just like global warming. Just naturally occuring cycles. Nothing to fear. Just tiny little dips on an ever ascending trend. This is the way the system deals with imbalance. What isn’t exactly clear is the impact on the individual. How many people lost their jobs, savings, homes, pensions… But who cares, right? These thihngs never happen to people who really matter, right?
Good thing you don’t have the stock chart up from Japan.
#6 – This is generally accepted economics. No government or policy exists that can maintain constant growth – or status quo. Anyone who says they can provide eternal harmony is selling snake oil.
The questions that must be asked in every downturn is what have we learned and what must be done to move forward.
I have some opinions but it is above my pay grade.
Hey John, can you please give an update on when your book “Recessions” is coming out? I’m ready to buy…. and I’ll even pre-order to give you some motivation. 🙂