CAPITALISM’S CRISIS DEEPENS Essays on the Global Economic Meltdown by Richard D. Wolff

Author:Richard D. Wolff
Language: eng
Format: mobi, epub
Published: 2016-09-11T03:00:00+00:00

THE SO-CALLED RECOVERY

Recovery? What Recovery?

July 28, 2011

The so-called economic recovery since mid-2009 was chiefly hype, a veneer of good news to disguise and minimize the awful underlying economic realities. The few (large corporations and the rich) who bear much of the responsibility for the crisis made sure that the government they finance used massive amounts of public money to support a recovery for them. The mass of the population was excluded from the government-financed recovery for the few. We now have the summary official statistics to expose this grotesque injustice.

In economics, as in other fields, pictures and graphs are sometimes worth more than a thousand words. So it is with a summary graph prepared by a group of economists at Northeastern University in Boston.

Their short report18 exposes the basic lie in claims by politicians, media spokespersons, business leaders and others that the US economy has been in an economic “recovery” since early 2009.

What did recover in the United States, partly or wholly, were only corporate profits (especially those of banks) and the stock markets. Figure 6 (the report’s chart 14) shows three vertical bars indicating the size of profit and stock recoveries from the second quarter of 2009 through the first quarter of 2011.

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