Tuesday, July 21, 2009

Economic Depression in Economic Recession

During an interview and subsequent speech this week Summers cited a decline in Google searches for “economic depression” as a sign that the US economy is on the mend (and we promise we’re not making this up.)

“You look at how frequently people are talking about depression. (Compare) six months ago vs. now, it’s not a term you hear anymore,” Summers said. “I reject the view that the stimulus bill has not worked.”

“Take one example as an indicator: Google searches for the term “economic depression” were up fourfold from their pre-crisis levels…Now…such hits have returned to normal levels.”

Notably Google searches for “economic depression” have surged over the last 24 hours, with the term appearing in the top 10 searches made by users on Google in the United States.

“We pledged at the time the Recovery Act became law that some of the spending and tax effects would begin almost immediately.,”“We also noted that the impact of the Recovery Act would build up over time, peaking during 2010 with about 70 percent of the total stimulus provided in the first 18 months. Now, five months after the passage, we are on track to meet that timeline. “ Sphere: Related Content

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