'Recovery'? Rhetoric vs. Reality

The Washington Post | October 2, 2002| | Copyright

We are at a loss for words. If nothing else, this baffling economy has defeated the vocabulary of economics. We are supposed to be in a "recovery," but it doesn't feel like one. As of Friday the stock market was down 25 percent this year and had lost $3.2 trillion in value, reports Wilshire Associates. The weekly initial claims for unemployment insurance, after receding earlier this year, have climbed again above 400,000. Consumer confidence has declined for four consecutive months.

Our language seems increasingly disconnected from ordinary life. The standard phases of the business cycle ...

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