“The economy is going to be very uncomfortable between now and when we get the next fiscal rescue package. If lawmakers can’t get it together, it will be very difficult for the economy to avoid going back into a recession.”
– Mark Zandi, chief economist at Moody’s Analytics, on rising unemployment claims
“This winter will be grim.”
– Economists at JPMorgan Chase, in a report slashing their forecast for the 2021 first quarter to a negative 1% annual GDP rate
“It’s why I think about it as a lost decade for families.”
– Larry Mishel, president of the liberal think tank Economic Policy Institute, in response to a report by the Federal Reserve about the sharp decline in net worth of the American middle class in the period from 2000 to 2007.
The Federal Reserve report notes that the average income for U.S. families fell 11.1% in that period; the first time since the late 1940’s that workers made almost no progress on wages throughout an entire business cycle.
And, the Republican response? Obama is a socialist, and we just need to keep giving Wall Street more tax breaks! Thanks to tax breaks for all those “job creators” we’re in the worst economic recession in 80 years. But, those assholes in the GOP still don’t get it.