Both the headline and the first graph of lead story on page 1 of today's Boston Globe (motto: owned by moguls, written by interns”) describe the recession identified by Martin Feldstein as “the most serious since World War II.” It doesn't attribute the phrase to Feldstein (or to anyone else) and this is fairly important. Because as far as I know there was no recession during World War II. I thought that the economy expanded throughout the War. My information shows a brief, mild recession in 1945 as the U.S. rapidly demobilized, and another brief downturn in 1949. But the longest recession after WWII was, I think, the 1953-54 one that helped elect Eisenhower. What is with this WWII benchmark?
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