KJ wrote:
>
> What seems to be the case, however, is that crises intervene, with the
> outcome of keeping them in line. Not suggesting a conspiracy, but an
> observation of the outcome of crises. Now supported by a couple of IMF
> (or is it WB?) working papers showing that the "recovery" is not
> really a recovery in the sense of a return to the trend line, but a
> "recovery" to a lowered trend line.
For 30 years now that seems to have been roughly the case for the u.s. itself. Each time there is a recession, a few more people get left behind in the recovery, and for more than a few people the recovery is somewhat lacking. This is even more acutely the case if one factors in free hours as part of compensation. (For example, if it takes two incomes to maintain or raise the previous level for a couple.)
Carrol
>
> kj
>
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