Robert Samuelson wrongly says that most people will not be affected by a recession, claiming that only the relatively small portion of workers who lose their jobs are hurt. This is not true. Most workers will see less pay because of high unemployment. He is right about the limited impact of proposed stimulus packages. With house prices now falling at a $2.2 trillion annual rate, the $70 billion stimulus package being put on the table will not have very much impact.
--Dean Baker
If you enjoyed this article, please consider making a tax-deductible donation today. For over 30 years, The American Prospect has delivered independent reporting that exposes corporate power, investigates political corruption, and analyzes threats to our democracy. Unlike many media outlets, we’re not owned by billionaires or corporations—we’re powered by readers like you.
Today’s independent journalism faces unprecedented challenges. Your support makes our reporting possible and keeps our work free and accessible to all. Whether it’s $5 or $50, every contribution helps sustain our nonprofit newsroom.
Join our community of supporters and make a donation today to help keep independent journalism thriving.
