Image via CrunchBaseWe Are Now in the Persistent Depression Predicted by Keynes
from SeekingAlpha.com: Home Page by Howard Richman
U. of Maryland economist Peter Morici's analysis of Friday's 2nd Quarter GDP report is just about identical to mine. He calculates that demand for American products only grew by 1.3% in the second quarter, while I calculate 1.4%. He calculates that the trade deficit sapped 2.8% from growth, while I calculate 2.7%. According to both of us, the trade deficit is causing the economic recovery to stall.
Morici is more precise than me in his predictions. He expects a double-dip recession starting in November. He writes: