“Did you see David Wessel’s WSJ column today? The Journal is already revising the Bush Recession down from Great to merely Bad . . . “
I’m not sure I would call that column, titled Did ‘Great Recession’ Live Up to the Name? “revisionism.” It is a look at the is the best way to describe the 2007-09 economic contraction.Wessel asks “Does it deserve the heavy mantle of “The Great Recession” that it seems to be acquiring? “Great” is a big word, a mark of enormous historical significance. World War I was the Great War until the second world war came along…”
Based on the interactive charts that accompany the article, the answer seems to be yes, “Great” is the right word:
Change in Nonfarm Payroll
Change in GDP
Change in Industrial Output
Did ‘Great Recession’ Live Up to the Name?
WSJ, APRIL 8, 2010