At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
We got into a recession because the global economy went into the recession and we're a big exporting nation.
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
In the immediate postwar years, the whole of Europe was in a recession. So first of all, it helped us step out of a recession; it gave a certain amount of speed to the economy. But that was the first step.
I am upset and completely disappointed in the government, the millionaires and billionaires in the U.S. See what's happening to the country? Look at all the health problems, the economy, the recession and crime.
In a global economy, the Bush doctrine of unilateralism - going it alone - has been disastrous. It's becoming increasingly clear that we're all in this together. Your happiness is my happiness, your suffering is my suffering, your recession is my recession.
A Recession is predominantly for the middle class. Where I come from the majority of people have always lived in a recession.
A recession is predominantly for the middle class. Where I come from, the majority of people have always lived in a recession.
In economic terms, health care is a highly successful industry - profitable, growing, and virtually recession-proof - but it's a massive burden on the rest of the economy.
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
It wasn't necessary to speak on the recession, you know what I mean, but I just though it made a lot of sense. I was like, "okay, cool," I'm going to go with this approach for the name of the album [ The Recession].
I think Welfare Reform did more harm than good, but one piece of good it did was it changed the attitudes of Americans. If we look at voter surveys even before the recession, the idea that people are poor because they're lazy was much stronger in the early '90s than it was even before the recession. Now with the recession, everybody knows somebody who is poor through no fault of their own. So voter attitudes are more favorable than they've been since the '60s.
I said we are in a mental recession. We keep getting the steady drumbeat of bad news... it's become a mental recession. We don't have measured negative growth. That's a fact, that's not a commentary.
A normal recession disrupts people's lives, but a long recession destroys them. You lose output, prosperity, family stability, self-esteem, and many other qualities on what looks to be a semi-permanent basis.
An overheating economy, characterized by accelerating inflation and rising interest rates, is another precondition for recession. This doesn't describe today's economy.
Only the federal government has the power to spend beyond its current revenue. It shouldn't do that when the economy is at full employment. But it's an essential step for an economy mired in recession.