With fewer people and businesses willing to buy things, it will take longer for the economy to work off all the excess capacity that was built up during boom times.
Think of thousands of idled factories, acres of empty strip malls and ports packed with unsold automobiles, not to mention millions of workers who lost jobs as business scaled back production to keep up with falling demand.
"We have excess capacity and high unemployment across the board," Mishel said. "What we need is customers."
This Marxist analysis of a classic capitalist crisis of overproduction brought to you by the
Washington Post. The solution...not so much.
