1. Economy

    Coming Recession Worse Than the Last?

    NEW YORK, NY - AUGUST 05:  Traders work on the floor of the New York Stock Exchange before the opening bell on August 5, 2011 in New York City. Following a 500 point drop yesterday, world markets were mixed in morning trading.  (Photo by Mario Tama/Getty Images)

    Mario Tama / Getty Images

    President Obama and his economic team really have their work cut out for them: If the U.S. economy returns to a recession, it could be a lot more painful than the last one. (The one we call The Great Recession.) That, as The New York Times points out, is because economic indicators are at a much worse starting point because they have not recovered from the previous blow. Unemployment is at 9.1 percent as compared with 5 percent in December 2007; industrial production is 8 percent lower than it was in December 2007; and the overall economy is, in fact, smaller than it was four years ago. Corporate America, meanwhile, is sitting on $2 trillion in cash, according to the New York Post.

    Read it at The New York Times