New Nobelist Paul Krugman blogs for the NYT today:

Worries about next year

I’ve been ruminating over economic prospects for next year, and I’m getting scared.

Two points:

1. The economy is falling fast. We’ll see what tomorrow’s employment report says, but we could well be losing jobs at a rate of 450,000 or 500,000 a month.

2. Infrastructure spending will take time to get going – a new Goldman Sachs report suggests that projects that are ”shovel-ready” are probably only a few tens of billions worth, and that a larger effort would take much of a year to get going.