Posted on 10/14/2012 10:32:48 AM PDT by whitedog57
The housing market has been stagnant since the housing bubble and burst. One of the reasons for the stagnant housing recovery is that slowest economic recovery since 1882.
According to Stanford economist John Taylor, the current economic recovery is the slowest since 1882. Economic growth is generally strong following recessions, but not this time around.
According to Taylor, “Growth was nearly 4 times stronger on average in the past recoveries. The only recovery in this list in which growth was as weak as this one followed the 1990-91 recession, but that was from a very shallow recession with output declining only 1.1%, so growth did not need to get very high to catch up.”
In addition to looking at economic growth rates (which we know have been lackluster following the most recent recession), we can see other indicators that the recent “recovery” has been dismal.
Mean Duration of Unemployment
U6 Unemployment/Underemployment
Wage & Salary Income to GDP
Growing Dependency on Government (Disability and Food Stamps)
Employment to Population Ratio
Fiscal Cliff and the Largest Increase in Taxes in American History
Housing and Mortgage Purchase Applications
House Prices – Recovery or “The Summer Wind”?
But at least consumer confidence is up with mortgage rates falling to an all-time low!
Let’s change the question “Are you better off than 4 years ago?” to “Are you better off since 1882?”
(Excerpt) Read more at confoundedinterest.wordpress.com ...
"Let’s change the question “Are you better off than 4 years ago?” to “Are you better off since 1882?”
Obama did inherit a big economic mess, but GWB & the pubies didn’t cause it. Bubba laid the groundwork for the housing bubble and bust.
The housing bust is far worse than the Dot.Com. It has larger and more lingering affects.
Our two biggest economic challenges are Obama and the housing debacle.
Get rid of Obama and we’ll see far better recovery, but don’t expect the housing issues to clean up for many years to come.
Aided and abetted, in part, by a young community organizer in Chicago.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.