Via Economist’s View, here’s a snapshot of the Federal Reserve Bank of San Francisco’s projection for the arc of the economy. It’s a graphic illustration of what a “prolonged U-shaped recession”–which is now the consensus of most economic forecasters–looks like. As you can see, it makes the sluggish post-2001 recovery seem robust by comparison. And the FRBSF is assuming that the economy has already bottomed out, which remains to be seen.
Here’s the FedViews release.