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And unemployment stands at a stubborn 10%: the administration forecasts see only a fractional fall in joblessness this year.Unlike other rich countries, America lacks the "automatic stabilisers" that kick in during times of recession to help boost demand.
Instead of following the profligate policies of Bush and initially Obama Obamaa eventually has brought the U.S. deficit down somewhat), Cameron has followed the example of U.S. presidents Warren Harding, Calvin Coolidge, Dwight Eisenhower, and Bill Clinton, undertaking austerity in the wake of a recession to help ensure a period of long-term prosperity.
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Both resident scholars at the Hoover Institution in Stanford, Calif., they say: To fend off an impending recession and to help the world economy, Congress should: one, cut income taxes; and two, help kill the International Monetary Fund and stop its meddling in currencies.
"The primary motivation has been that as we go through what looks like a double-dip recession, we wanted to help our students," Seton Hall's president, Gabriel Esteban, said of the new approach.
Keynes advocated running a deficit during a recession in order to help keep demand high through government spending.
The current recession has done nothing to help, bringing rampant layoffs and cuts to city services.
Indeed he actually believed that the recession would enable him to help his firm grow, saying: "We're very bullish on making a lot of money in the next 20 years".
"A recession isn't going to help HDTV or Blu-ray sales".
But Hayes said they saw the Great Recession as an opportunity to help persuade people to "make profound changes" to "our economic systems".
In the week that Britain's most expensive rail fare was revealed - a £1,000 return trip from Cornwall to the Highlands - the government also ruled out steep fare cuts to help recession-hit passengers.
David Cameron indicated yesterday that reversing part of the planned increase in NICs will show that the Tories want to help recession-hit businesses while at the same time helping workers, many of whom have taken a pay cut during the recession to keep their jobs.
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