“Double Dip? New Normal? No Fun Either Way” (Businessweek.com)July 27, 2010
Mr. Aquila’s latest BusinessWeek.com column, “Double Dip? New Normal? No Fun Either Way,” was published in the publication’s July 27 edition. The article discusses the struggles ahead for the U.S. economy. In the article, Mr. Aquila observes that with low consumer confidence, overall concern about deflation, and budget deficits at the local government level, the prospect of a robust recovery is unlikely. Mr. Aquila considers whether the economy is in the midst of a “double dip” recession: two recessions with a short recovery in between, and predicts that a difficult economic environment will become the “new normal,” with high unemployment rates, more regulation and a diminished role for the United States in the global economy. Mr. Aquila concludes that the American consumer will be key in the economic recovery process, although, given current consumer sentiment, that might take some time.