The current gloom is no more realistic than late 1990s euphoria and will fade with the turn of the business cycle.
We have hit the bottom of a business cycle before and this is what it feels like.
But given the length of the business cycle, another downturn is unlikely to happen again in the second term (if there is one).
There's a lot of talk about just where in the business cycle we are right now—are we close to hitting bottom?
This is a middling jobs report for the middle of the business cycle.
Since both took office close to a business cycle trough and left office close to a cyclical peak, this is a reasonable comparison.
But we also need an approach that could credibly balance the budget over the business cycle.
It is better to apply to it the imagery of the business cycle.
The business cycle is man-made; and men of good will, working together, can smooth it out.
Many, probably the majority, are making more money than at any previous stage of the business cycle.
A period during which business activity reaches a low point, recovers, expands, reaches a high point, decreases to a new low point, and so on.