I think it depends on what you believe got us into this economic crisis:
A) If you believe the crisis was caused by government incompetence, then all you need to do is move out of the country to find relief. (Oh yeah… but this is a global recession…)
B) If you believe it was the banks that got us into this mess and that fixing the credit crunch is going to fix the problem, then we should expect a full economic recovery in a few short weeks. Why? Because the government is throwing a ton of money at banks to loosen the flow of credit.
C) If you believe that consumer debt caused this problem, then we will have to wait for the housing and stock market bubbles to fully deflate, for our economy to reset to an affordable level, and for consumers to free themselves from their smothering burden of debt. Once these things play out, THEN consumers can AFFORD to spend again; THEN businesses can profit; THEN more jobs can be offered.
Personally, in the long run, I believe it’s mostly scenario C.
What about you — what do you think?