Worst Recovery Since Great Depression?
Recently, there has been a lot of rhetoric about the strength of the current recovery in the U.S. economy and many have stated that it is the "worst recovery since the Great Depression." Just yesterday, Paul Ryan, Romney's VP candidate pick, echoed the same sentiment, stating that "this is the worst economic recovery in 70 years."
But is this assertion true? The New York Times economics reporter Catherine Rampell recently took a look at whether or not this recovery is the worst one since the Great Depression. Her conclusion? Although the current recovery is significantly worse than the average recovery, she found that "on almost every measure I looked at, there was at least one previous (completed) recovery that performed worse." Moreover, in terms of corporate profits, today's recovery actually outperformed the average recovery.