Paul Krugman: It's Time To Admit We're In A Depression

12/12/2011 08:37 am ET | Updated Dec 12, 2011
  • Paul Krugman The New York Times

It’s time to start calling the current situation what it is: a depression. True, it’s not a full replay of the Great Depression, but that’s cold comfort. Unemployment in both America and Europe remains disastrously high. Leaders and institutions are increasingly discredited. And democratic values are under siege.

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