IT’S OFFICIAL: We are now in recession. According to the National Bureau of Economic Research it began December 2007. The last recession ran from March to November 2001. George Bush is now the first president to preside over two recessions.

The highlights of an interview on CNBC with Nobel Prize winning economist Paul Krugman:

  • The indicators are worse than any point during Japan’s contraction
  • Spending is in free fall
  • Unemployment could exceed 10%, meaningful employment recovery may not occur before 2011

It is noteworthy that President-elect Obama has so far not talked about one important position in his new administration–Secretary of Labor