Notwithstanding repeated attempts at monetary and fiscal stimulus since 2009, the United States remains mired in what is by far its worst economic slump since that of the 1930s.
More than 25 million working-age Americans remain unemployed or underemployed, the employment-to- population ratio lingers at a near-historic low of 58.3 percent
Business investment continues at historically weak levels, and consumption expenditure remains weighed down by massive private sector debt overhang left by the bursting of the housing and credit bubble a bit over three years ago. Recovery from what already has been dubbed the “Great Recession” has been so weak thus far that real GDP has yet to surpass its previous peak. And yet, already there are signs of a possible renewed recession. - in The Way Forward by Daniel Alpert, Robert Hockett, Nouriel Roubini
Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics.
