Jared Bernstein, a former deputy chief economist for the U.S. Labor Department, is a senior economist at the Economic Policy Institute. He is the co-author of seven editions of The State of Working America and the author of All Together Now: Common Sense for a Fair Economy.
For the first time in a decade, our economy is in recession. It's not official
yet--the group that dates recessions doesn't act until after the fact--but
there's little doubt that we're in the midst of a downturn. The tragedy of
September 11 didn't sink the economy; it was already listing badly. But the
terrorist attacks will undoubtedly extend its length and depth.