Instructional graph of the day

Via Jared Bernstein, real GDP growth then versus now:

To say that people in the popular media and various other groups and individuals have short term memory issues is probably an understatement. Or maybe it’s definitely an understatement. Whether it’s natural or motivated, such memory lapses are important whenever you hear pundits or Very Important People bloviate about how much more “worse” off this economy is versus two years ago. Which only makes a type of sense if you forget the events of ’07-’09. Which doesn’t mean everything is roses and chocolates right now – far from it – but one thing that memory can provide is a sense of proper perspective.


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