BBC NEWS CHANNEL
March 31, 009
By Steve Schifferes
A BBC World Service survey of 29,000 people has found broad support for reform of the international economic system ahead of the G20 summit.
Over 70% of people in 29 countries think major changes are needed in the way the global economy is run.
Nearly two-thirds – 62% – of the public say the downturn has negatively affected them, and half say the downturn will last more than two years.
There is also broad support for reform of domestic economic policy.
The survey was conducted by GlobeScan along with the University of Maryland.
Slightly smaller majorities support global economic reform in the G20 counties, 15 of which were included in the BBC survey.
And under reforms, perhaps America should look for a better way to officially declare recessions. Whose job is it to declare a recession – the President’s or The National Bureau of Economic Research? Should the declaration of ‘recession’ be politicized?
If the conditions for recession are clearly evident to the National Bureau of Economics Research in December of 2007 why shouldn’t that body tell the American people in December of 2007 rather than a year later – in December of 2008?
In April of 2008:
Bush insists US not in recession
US President George W Bush has insisted the US is not in recession but says that he remains concerned about the economy’s performance.
The latest US unemployment figures – released on Friday – showed the number of people laid off last month at its highest for five years.
But in December of 2008:
It’s official: Recession since Dec. ’07’
The National Bureau of Economic Research declares what most Americans already knew: the downturn has been going on for some time.
By Chris Isidore, CNNMoney.com senior writer
December 1, 2008
NEW YORK (CNNMoney.com) — The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy . …
http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112
Perhaps the above is a suggestion for a small reform; but a ‘ton’ of Americans were trying to synchronize reality to Mr. Bush’s ‘”R-E-C-E-S-S-I-O-N” rhetoric in April of 2008.
