Thursday, December 31, 2009

Sun sets on a troubled decade most of us would do over (and better) if we could

Sun Sets on a Troubled Decade We'd Do Over (and Better) If We Could
Paul Krugman:
Maybe we knew, at some unconscious, instinctive level, that it would be an era best forgotten. Whatever the reason, we got through the first decade of the new millennium without ever agreeing on what to call it. The aughts? The naughties? Whatever. (Yes, I know that strictly speaking the millennium didn’t begin until 2001. Do we really care?)

But from an economic point of view, I’d suggest that we call the decade past the Big Zero. It was a decade in which nothing good happened, and none of the optimistic things we were supposed to believe turned out to be true.
Krugman goes on to chronicle how bad the decade was economically for the average American: basically zero job creation; zero economic gains for the typical family; zero gains for homeowners, even if they bought early; and zero gains for the stock market, even without taking inflation into account.

And he doesn't even mention other traumas that never seemed to end: The disputed 2000 election; the destruction of the twin towers of the World Trade Center; the Iraq war; and now (again) the Afghanistan war; right on up to the would-be Northwest pants bomber.

It can only get better, right?

1 comment:

Anonymous said...

I think it's a shame that we can't seem to hold the Bush administration accountable for the hundreds of thousands of lost and ruined lives because of the wars and financial disaster they brought down upon us all. Why is that, I wonder? Why do they get to walk away?

Krugman is right. The whole decade was basically a zero for most people. Zilch. We ran in place and got nothing but older. What a terrible, terrible waste.

Can it only get better from here? Man, I sure hope so.