Obama and GOP plans are inadequate to scale of ‘Lesser Depression,’ report says

By Zachary Roth | The Lookout –  Wed, Oct 12, 2011

The American economy isn't just going through a weak patch--it's mired in a "Lesser Depression" that poses a challenge more daunting than at any since the crisis of the 1930s, according to a major new study released Wednesday.

The provisions in President Obama's jobs plan are no more likely to be effective at producing a lasting recovery than were the bank bailouts and various stimulus efforts that came before, write Daniel Alpert, Robert Hockettt, and Nouriel Roubini in the New America Foundation report, "The Way Forward: Moving from the Post-Bubble, Post-Bust Economy to Renewed Growth and Competitiveness." The dire economic situation, they argue, demands far more urgent and aggressive action.