The Depression Trap

Screen shot 2012-05-24 at 11.34.20 AM
Some economists expected the double-dip recession in Britain to be revised out of existence with more accurate numbers. But the revised figures actually show a sharper contraction in the first three months of this year, with GDP dropping 0.3 percent, the same rate of contraction as Spain.

The current British recession is now much longer than the Great Depression of the 1930s. Does Obama's record look so terrible in comparison?