Sigh. As I’ve noted recently, the bad news just keeps coming. Yesterday the troubling story was about personal bankruptcies reaching a five-year high. Today it is reports of another “surprise” increase in new filings for unemployment benefits, which reached the highest weekly total in nine months. When every day seems to bring a fresh sign of ongoing economic turmoil, it is difficult to be optimistic.
What does this onslaught of bad news mean? It means that, more than two years into this recession, we aren’t seeing significant improvement in our economy. What we have tried has not worked, and it clearly is time to try another approach.