New Nobelist Paul Krugman blogs for the NYT today:
Worries about next yearYou don't say!
I’ve been ruminating over economic prospects for next year, and I’m getting scared.
1. The economy is falling fast. We’ll see what tomorrow’s employment report says, but we could well be losing jobs at a rate of 450,000 or 500,000 a month.
2. Infrastructure spending will take time to get going – a new Goldman Sachs report suggests that projects that are ”shovel-ready” are probably only a few tens of billions worth, and that a larger effort would take much of a year to get going.