He says, regarding the double dip probability.
"Growth above a certain rate will be sufficient to boost oil demand and prices up, dampening consumer spending and slowing expansion—potentially keeping the American economy from growing at a rate sufficient to decrease unemployment. That will be the dynamic until dependence on oil is sufficiently wrung out of the economy, which could take some time. This is yet another point arguing in favour of a prolonged and shallow recovery for the American economy. "
We are making progress, just another 147 economists left to finally understand this thing. One would think Krugman cannot avoid acknowledging the problem, but he still thinks Keynesian magic can create energy.
Ashraf Laidi nailed it early on, why doesn't he get speaking engagements?
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