The Exhaustion of the Cyclical Recession – The Awl

Whyisn’tanyoneallgung-hoabouttheendoftherecession,TimesbizcolumnistFloydNorriswantstoknow!

History,hesays,showsusthatwealwayslandonourfeet。

(Idunno,historically,Ithinkpeoplefeelbetterwhenthejobscomebackandwhenthere’smoneybeingmadetooffsetspendingmostly?

Butthat’sjustasuggestionfromthemanwhojustexhaustedallthequartersinthechangebowlonhislasttriptothedeli。

)Thedownturnsof’91and’01arebeingtreatedasstand-aloneevents-despitethefactthateveryonekeepssaying“theeconomyiscyclical,”andifIhearthatonemoretime,stabme,butmaybewhywe’renot“overjoyed”atthe“end”ofthe“recession”isbecausethelasttwentyyearsofeconomichistorysoclearlyarecyclical。

Andmaybewedon’tlikethiscycle!

Andthelastdown-swoopingiterationofthecyclewasareallydevastatingone-’01tookmuchlongertorecoverfromthan’91,andwhenwill“recovery”existinthenearfuture?

‘12?

Andhowuglywillthedownturnbein2020,attheendofVicePresidentBachmann’seconomically-scorchingworldwar?

Alsoit’shardtogetstokedabout“recovery”whenthewholecyclicalsystembasesitsdownturnsonmoreandmoredestructionofmiddle-classfinanciallivesandonfurtherstratifyingtherichand?