Why We’re in a Great Recession 2.0 and Triple Crisis Today (video)
February 8, 2021 by jackrasmus
Watch my January 18, 2021 half hour Video Presentation to the Green Party of Alameda County, California on the US economic crises over the past year, and future possible scenarios in 2021. Why the current economic crisis is best understood as the Great Recession 2.0–and a more serious repeat of the 2008-15 prior Great Recession 1.0. Why the economic crisis is not a V-Shape, or strictly Covid driven crisis, but rather a long duration W-shape recovery marked by a partial recovery of last spring’s deep crash (March-May), followed by short and shallow rebound (July-September) and periodic relapses in turn (November-February 2021). The current situation is best understood as well as a ‘Triple Crisis’–covid/health crisis, economic insufficient stimulus, and political crisis–determining the trajectory of today’s Great Recession 2.0.
:
https://
http://www.dropbox.com/s/yx4d0q7f3wyj1tq/210110_Green%20Sunday-Jack%20Rasmus.mp4?dl=0Like this:
Like Loading...
Related
Posted in Uncategorized | 1 Comment
Excellent program. This one hour recapitulation of the U.S. economy as of Feb. 2021 is excellent. It was far easier to follow than I ever expected. The economy has been stumbling, no doubt, and just how bad, and what happened to whom, the analysis is clear and non-confusing. But complex, have to follow closely. We need a paradigm shift, an awareness of governments’ (federal, state, local) role in creating economic activity, meaningful work. Unless the new Biden administration makes a public relations effort, a series of “fire-side chats” ongoing to urge the public to support such investments, then we’ll go down the depressing road Rasmus predicts, and it’s not pretty. But very convincing. The Green Party of Alameda County for decades now has made powerful contributions to the community, and as a resident of San Leandro, Oakland, for most of my life, I thank them. Trying to sort out the spaghetti-like strands of stimulus and events is daunting, and this hour disembowels or dissects the heap of information so complex that no one would want to begin to tackle. Thanks, good work! The Fed’s Flow of Funds report says total “household net worth” is $123.520 trillion. It was $48 trillion in Jan. 2009, so it’s doubled in 12 years. If I remember correctly, “average weekly earnings” for non-supervisory workers (82% of all workers) increased by 8%, the GDP increased by 23%, and wealth by 113%, adjusting for inflation. It’s a oligarchy we are dealing with.