Michael Yates discusses a double-dip recession on PBS.org
A few months ago, it looked like the Great Recession was over and the economy on its way to full recovery. The Federal Reserve and the Treasury had bailed out the nation’s financial sector and engaged in enough deficit spending to stop the dramatic rise in unemployment. The major European economies were holding their own, and the rising BRIC (Brazil, Russia, India and China) economies seemed to be taking up any global slack in consumer demand and capital investment. Gross domestic product (GDP) here and in many other nations had stopped falling and started rising, sometimes dramatically. | more…