Without Baseline Effects, Recovery Looks Weaker

Let's get the 8th grade math out of the way early. If you start with 100 and decrease it 50%, you get 50. But if you increase that by 50%, you only go up to 75. That's because 50% is not a set quantity, it's a fraction of some other quantity. Going down 50% and then going up 50% is not a round trip and it doesn't bring you back to where you started, because the first 50% (the drop) is bigger than the second 50% (the increase). Read Full Article »