How Deep Is the Current Recession -- The Deepest Since WW2 by One Measure

"The current recession is very shallow insofar as production is concerned (in large part because of the rapid underlying productivity growth trend), moderate as far as the unemployment rate is concerned (in part because lots of people have dropped out of the labor force during this recession), and deep as far as private-sector employment is concerned."

I saw a couple Republicans the other day spinning that we weren't even in a recession.

Somewhat related the Nationa Review claims that Krugman was lying in his column on the incredibly expensive job creation effect of the Presiden't tax cut, PLA exposes the lie in the National Reviews argument.

"We find it highly ironic that Luskin would call Krugman a liar for failing to consider the job creation effects of the tax cut after 2004 when Luskin first links to the CEA report and then ignores its findings on that very subject.

Paul Krugman is not the liar here."

Dwight of PLA also does a good job of explaining the Social Security Trust Fund.