“The US economy remains almost comatose. The slump
already ranks as the longest period of sustained
weakness since the Depression. The economy is
staggering under many “structural” burdens, as opposed
to familiar “cyclical” problems. The structural faults
represent once-in-a-lifetime dislocations that will take
years to work out. Among them: the job drought; the
debt hangover; the banking collapse; the real estate
depression; the health care cost explosion and the
runaway federal deficit.”
-Time Magazine, Sept. 1992
Two months later, the NBER would announce the recession had ended 19-months earlier.
While it all looks like gloom and doom now, it’ll look better some day…
