In all the coverage and editorializing on the recession that began during
the Bush administration, something has been conveniently overlooked:
It's not the first recession the United States has ever had to deal with, nor
is it the worst.
There are always ups and downs. Certainly there are exceptional periods,
such as the Great Depression or the recession of the seventies, which
began under the Carter administration, but those exceptional periods are
only exceptional by degree, rather than by nature.
By this we simply
mean that the economy is constantly, constantly in a state of slumps and
rebounds and spikes and sags and jumps.
While you can generally define
any given decade as having been either good or bad for the economy, the
fact remains that it's never truly just one or the other.
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