I recently wrote this piece for submission to a mainstream media outlet, but it was rejected. I’d like to present it here.
Economic health, like personal health, starts with honesty. When something is wrong a good diagnosis is the first step towards the proper cure and a strong recovery. Our economy is been deep in what is commonly called a “Great Recession”. That strange term is a substitute for the dreaded word that most of us know is the true condition – a depression.
That “D-word” may be feared, but it should not be. It simply points to different and more unusual treatment than we are used to. History will eventually come to know our present economy as what I call a “Managed Depression” – unusual among similar stages in the business cycle in that this one has been carefully managed.