Not-so-Great Recession
This is how the current "recession" in Canada will play out.
The authors, though the are economists, as missing one little analysis though. On a Real GDP Decline per Quarter basis, this IS the most severe drop since 1954, which registered a drop of 1.3% per quarter compared to 1.2% per quarter during the current recession.
That notwithstanding, the authors are making a valid point, and one that I've understood since they started crying "Depression" 3 years ago - that the majority of it is blowing things out of proportion, that there will be no soup lines, work camps, sweeping social programs that take care of the people resulting from this one. This recession won't register as more of a blip in decades to come.
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