But all in all, it is scarcely adequate to speak of an accumulation of slumping economic cycles. Keyword ‘deflation’ Despite all the dire predictions, there are no indications worldwide of deflation either. At any rate, there is no evidence of a cumulative decline in the general price level and an associated, self-intensifying contraction of economic activity either in the European or the global context.
What is more, the US has much less generous unemployment insurance provisions than European and Asian economies, and many services such as tertiary education and preventative medicine which are provided publicly in those economies have to be purchased privately in America.