When we came out of the recession in March of 1991, GDP started rising very feebly, while the unemployment rate continued rising for another year and a half. The press called it a 'jobless recovery,' and it was one of the reasons [President Bill] Clinton was able to defeat former President [George] Bush. The average person on the street judges the economy by the job market. |
When you have a large debt buildup and a lot of excess capacity, that's not corrected very quickly, |
When you have a large debt buildup and a lot of excess capacity, that's not corrected very quickly. |