The recovery has been weak. It has been weak, but it’s actually on the low end of normal in most respects. The inherent variability in the macroeconomy is broader than people recognize. To be fair, we’re running around the 30th percentile for performance over the last 4 years. That’s lousy but it isn’t Pittsburgh Pirates territory.
There’s an arthouse film called Thirty-Two Short Films About Glenn Gould. You’re getting Twenty-Six Short Posts from Dr. Tufte. :) These are on why it’s difficult to understand the current macroeconomic situation.
Joe Baker is not a macroeconomist, but we all do a little bit of everything at SUU, so he has to teach principles of macroeconomics sometimes. The other day he asked for pointers about summing up for his students why we can’t quite figure out what’s wrong with the economy. I came up with 26 reasons, most of which have been discussed in class, and all of which are now required.