The downturn that started in March 2001

Too bad that David Leonhardt is taking a break until September--we will miss his wonderful observations like this one:

The common thread in these myths is that they serve to minimize the scope of the economy’s weakness. They make it sound as if the problems are acute — job cuts, oil speculation, a little real estate overexuberance — rather than fundamental.
...

For the first time on record, an economic expansion seems to have just ended without most families having received a raise. For the first time on record, the typical home price nationwide is falling. The inflation-adjusted value of the Standard & Poor’s 500-stock index has dropped 20 percent in the last year — and 30 percent since its peak in 2000.
I think the public has called this issue exactly right: the American economy has some real problems. Even if this summer’s downturn turns out to be mild, those problems aren’t mild — or simple — and they aren’t going away anytime soon. It’s going to take some real work.