In the colder winters of New York he and his wife felt their energy levels slump and their mood drop.
The industry body, IATA, says demand for premium seats is back to its 2008 level, having slumped during the global financial crisis.
America hasn't had an Argentine-level slump, but we have a lot to recover from.
After experiencing a Great-Depression-level slump, their economy has experienced two years of solid growth and falling unemployment.
Its reward has been a Depression-level slump — and financial markets continue to treat it as a serious default risk.
Here's real GDP, from Eurostat: So, a terrible — Depression-level — slump, followed by a significant but still incomplete recovery.
I say "for the most part" because we actually are seeing a Depression-level slump in Greece, and very bad slumps elsewhere in the European periphery.
So we're looking at a Depression-level slump, and 5 years later only a partial bounceback; unemployment is down but still very high, and the decline has a lot to do with emigration.
As for Mr. Asmussen, I've already written about the extraordinary illogic of saying that a partial recovery from a Depression-level slump — one that has not, by the way, been accompanied by a large improvement in competitiveness — vindicates austerity.
All around Europe's periphery, from Spain to Latvia, austerity policies have produced Depression-level slumps and Depression-level unemployment; the confidence fairy is nowhere to be seen, not even in Britain, whose turn to austerity two years ago was greeted with loud hosannas by policy elites on both sides of the Atlantic.
