NJ5 on 16 July 2009
A lot of businesses are showing a 20-30% decline in revenue these days, which is much above the reported GDP contractions. People are saving more money, at a ratio which also points to US GDP going down by double-digit percentages.
These contractions aren't yet fully shown in GDP, so you are right to expect this to last a while.
The previous "normal" wasn't normal at all, for the reason that Mafoo pointed out.
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