I don't think it's a matter of now being the new normal. Just a matter of what we had in the 90's and early part of the 00's as being above the normal. We bought too much, and that created too many jobs in too frivolous of areas.
I think on the other end, we're experiencing the knee-jerk normal. I think unemployment will, and should, go down in 4-5 years (to about 5-6%) if we're smart about the recovery (which we are not).
Unfortunately, the costs of this are smarter citizens not doing stupid things with their education (and I'm not referring that to you, but a lot of people in general - they think they can go to college, blow the experience, and get a job), their time, or their money.
I hope that this bout of recession reminds Americans, as well as everyone, to be responsible with what they have. Responsibility is a long lost virtue that everyone has forgotten. In my family/friends, I am one of only a scant few people that isn't either married, divorced, with kids, or in college hoping to get a job...Everyone around me is as irresponsible as life could dictate, and it's amazing how quickly the world can fall around those that aren't prepared.
Back from the dead, I'm afraid.
