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The Economy Needs A Psychological Jolt

Posted on March 29 2010 12:15 pm
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by Thomas Del Beccaro

The US economy remains in a tepid stage at best – subject to a multiple dip recession at worst. Unemployment is high and private sector jobs are taking longer than usual to rebound. Even the Obama Administration is forced to admit unemployment will be high for a long time to come. Starting two years ago this July, I said if Obama was elected President, we would have a difficult economy, at best, for at least six years. Unless our governments, federal and state, make a concerted effort to change the economic psychology facing Americans today, that prediction can’t help but come true.

There is no question that the American economy is in bad shape. Unemployment has only been this high one other time since World War II, i.e. in the 1980’s. Recessions similar or deeper than this recession occurred in 1918, the Great Depression, the 3 recessions of the 1950’s, and the stagflation of the late 1970’s and early 1980’s.

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