Word: downturns
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...unwelcome news comes as little surprise. For months, newspapers have been awash with ways consumers can "return to the home" to protect themselves against the economic downturn - suggestions range from buying a pasta maker rather than going out for Italian, to entertaining the kids with board games rather than spending on family outings...
...months ahead. A new forecast by the Paris-based Organization for Economic Cooperation and Development (OECD) predicts a 0.3% decline of its members' economies next year. That, the OECD forecasts, will be led by a 1% decline in growth in the U.S., a 0.5% contraction in Europe, and 0.1% downturn in Japan. Evidence to back that projection came with Friday's announcement that economic growth across the euro-zone decreased 0.2% in the third quarter of 2008 - the second consecutive contraction, which puts the region into recession by the most common benchmark...
Second, a stimulus package--the tax rebate of 2001--was widely credited with helping end that year's downturn. The good timing was in part luck; President Bush had been pushing for a tax cut whether there was a recession or not. But it showed that fiscal stimulus could work...
Finally, and most important, what we're facing now isn't your garden-variety recession. This downturn is likely to be deep, and the economy will probably remain weak for several years--meaning there isn't much cause to worry that stimulus would overheat an already strong recovery. Meanwhile, the Fed, which normally stimulates the economy via the financial system, is having trouble doing so because the financial system is broken. And the usual concern that government will crowd out private borrowers isn't an issue. "The government has a window in which it can borrow very aggressively," says Mark...
...terms of setting a timeline for projects in Allston, she added that the economic downturn “just makes it more difficult to know how soon we’ll have real answers.” —Staff writer Nan Ni can be reached at nni@fas.harvard.edu. —Staff writer Vidya B. Viswanathan can be reached at viswanat@fas.harvard.edu...