NEW HAVEN – With much of the global economy apparently trapped in a long and painful austerity-induced slump, it is time to admit that the trap is entirely of our own making. We have constructed it from unfortunate habits of thought about how to handle spiraling public debt.
Thursday, March 21, 2013
Sunday, March 10, 2013
Yes, We’re Confident, but Who Knows Why
THE recovery in housing, the stock market and the overall economy has
finally gained sustainable momentum — or so it is said.
That opinion seems to be based on several salient facts. Unemployment
has been declining, from 10.0 percent in October 2009 to 7.7 percent
last month. More spectacularly, the stock market has more than doubled
since 2009 and has been especially strong for the last six months, with
the Dow Jones industrial average reaching record closing highs last week
and the S.& P. 500 flirting with superlatives, too.
And the housing market, seasonally adjusted, has been rising. The
S.& P./Case-Shiller 20-city home price index gained 7 percent in
2012.
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