Liberal economist says recession is on the way listen

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The Wall Street Journal reported today that economic forecasters are boosting the odds of a recession over the next year as the housing slump deepens and the credit crisis continues.

After a Labor Department report showed the economy lost 4000 jobs in August, liberal economist Dean Baker wrote in an essay for the Common Dreams website that the downturn in jobs provides evidence of an economic downturn that even the economy’s greatest cheerleaders could not ignore.

And Baker, who works at the Center for Economic and Policy Research in Washington, should be taken seriously. He wrote nearly a year ago that as the housing bubble collapsed, the economy was headed toward recession.

The Center For Economic and Policy Research is an economic think tank based in Washington.