6/3 "Double dip recession" is the same as "really bad recession that we started to ignore after 2 years." It will be a bitter pill indeed if America's election cycle causes more recession and the people originally responsible for said recession get back into political office. I said earlier, somewhere :), that we were cutting back on the "helicopter money" too quickly with this inane worry about debt during a time when money in the economy is the only way to extract the country out of the crises. The true price of the recession was hidden from voters by the unprecedented secret 3 trillion dollars worth of loans made by the Fed. Most of all that money was sucked back in by the Fed. This was business cycle management. The money isn't in the economy anymore. All the spending that we have done since has helped but now we are cutting back on spending.
The problem is that this recession is a systemic crises (just as I have tried to say clearly before) and cutting back on "helicopter money," or money pumped into the economy, or spending, or whatever you want to call it, will reveal the true crises. It's a major mess that started during Republican days. The crises hit during President George W. Bush. It has never stopped, efforts to change course of tax increases on the rich have basically been blocked by our permanant filibuster in the Senate. A liberal president came in and could manage no more than centrist policies in this new system of government never tried before. Basically it amounts to a veto power for members of the Senate.
The bitter bitter part will be if we turn back to the Republicans, with new tea party values, whose policies look to be akin to what we did wrong during the Great Depression. If the Great Depression seemed bad, wait till we start cutting back on government spending while still letting the rich siphon off the money from the economy.
This is a systemic problem not a business cycle.
No one President is too blame for this, it is years in the making, but logically we can surely place some amount of blame for the catylist on the doubling of the debt by President George W. Bush. Instead of investing in America after 9/11, government spending was redirected towards war with a vengeance. Result: depression. 2 years later Americans forget entirely and vote for Republicans whereever they could. 2 years after this....it will be bitter indeed.