How Deep Will the Recession Go?

By John Miller, Dollars and Sense
Posted on February 8, 2008, Printed on February 8, 2008
http://www.alternet.org/story/76235/

It's not only radical economists and cyberspace Cassandras uttering the "r"-word nowadays. Just what are we to make of it when Harvard economists, The Economist magazine, and Morgan Stanley followed by Goldman Sachs and Merrill Lynch say the economy is headed toward, or already in, a recession?

You can bet the house, whatever its current value, that hard times are on the way -- more layoffs, fewer new jobs, lower wages, tighter family budgets, more debt, and higher poverty levels. This year will see rising economic hardship even if the U.S. economy scrapes by without sinking into an official recession, usually defined as two straight quarters of declining output.