While the Great Recession has exacerbated these trends, they were apparent long before its onset.

Austerity might have worsened the slump temporarily, but it did deliver fiscal sustainability without permanent damage to the economy.

PARIS With the deepening of the economic crisis and the prospect of another recession looming large on the horizon, growing social inequality has become an increasingly urgent issue.

Spain s financial exposure to Portugal and its housing led recession don t help matters.

America s financial crisis has triggered a severe credit crunch that is making the US recession worse, while the deepening recession is leading to larger losses in financial markets thus undermining the wider economy.

Indeed, this was the trap faced by Argentina in 1998 2001, when needed fiscal contraction exacerbated recession and eventually led to default.

The resulting recession might fuel further pessimism and cutbacks in spending, deepening the downturn.

The recession exacerbated such views in 2009, one half of the US public favored allowing fewer immigrants, up from 39 in 2008.

Of course, a US recession will also bring further Fed interest rate cuts, which will exacerbate problems later.

As the Commission has requested, countries with stronger fiscal positions should consider slowing their consolidation efforts in order to avoid aggravating the recession.

As declining consumer confidence and household purchasing power deepen the recession, projections of when the crisis will end are repeatedly pushed back, and those bearing the brunt of austerity are losing hope.

The recession exacerbated such views, and in 2009 half of Americans favored reducing legal immigration, up from 39 in 2008.

A Euro now costs around 1.60, up from 0.90 in January 2002. Yet the Fed, in its desperation to avoid a US recession, keeps pouring more money into the system, intensifying the inflationary pressures.

While fiscal austerity may be necessary in countries with large deficits and debt, raising taxes and cutting government spending may make the recession and deflation worse.

In the days that followed, tens of thousands gathered in downtown Tunis to celebrate their deliverance from years of stagnation and uncertainty, caused by Bourguiba s worsening senility.

Banks magnify the boom by making credit too easily available, and they exacerbate the bust by withdrawing it too abruptly.

Markets don t care that front loaded fiscal consolidation is exacerbating recession and thus making the goal of reducing debt and deficits as a share of GDP near impossible to achieve.

Whereas oil speculators have gained, both the US and global economies have suffered and been pushed closer to recession. In the case of the US, heavy dependence on imported oil has worsened the trade deficit and further weakened the dollar.

This contributed not only to sovereign debt and fiscal crises, but also to protracted stagnation outside East Asia, including Latin America s lost decade and Africa s quarter century retreat.

The Myth of Rising Protectionism

Growing income inequality in most countries before the Great Recession only made matters worse, by reducing household savings and increasing credit for consumption and asset purchases, rather than augmenting investment in new economic capacity.

Secondly, declining funding worsened the progress.

Secular Stagnation for Free

Double Dip Days

Imagining Recession

Recession Insurance

Stagflation Cometh

A depression seemed possible.

The Recession Dating Game

Public pessimism in southern Europe is largely attributable to the absence of such a reward. As declining consumer confidence and household purchasing power deepen the recession, projections of when the crisis will end are repeatedly pushed back, and those bearing the brunt of austerity are losing hope.

This is because high oil prices raised inflation in the United States, worsened the US trade deficit, and increased the likelihood of a US recession by acting as a tax on consumer spending.

The recession in other advanced economies (the euro zone, United Kingdom, European Union, Canada, Japan, Australia, and New Zealand) started in the second quarter of 2008, before the financial turmoil in September and October further aggravated the global credit crunch.

Immigration exacerbates both aspects of the problem.

The Problem With Secular Stagnation

Dog Days For The Super Dollar

America s 2001 recession was one brief, mild double dip.

PARIS With the deepening of the economic crisis and the prospect of another recession looming large on the horizon, growing social inequality has become an increasingly urgent issue. How does one reinforce a sense of solidarity and responsibility within a country?

With a worsening recession, many LBOs that were loaded with too much debt and not enough equity will fail as firms with lower profits or higher losses become unable to service their loans.

Compounding developments in the energy markets, output growth in two important sources of external demand in the region, the United States of America and Japan, slowed somewhat in the former and showed signs of a recession in the latter in the second half of 2004.

Unfortunately, the Great Recession of 2008 2009 is far from being a normal global recession.

The human effects and the conditions for retaining flood waters are getting worse and worse.

That is partly because the job losses during the Great Recessionwere so large twice as large as those of previous recessions since the Great Depression.

How to Avoid a Double Dip Global Recession

The Perfect Storm of a Global Recession

Privatization will only make matters worse.