Economy May Be Worse A Year From Now: Feldstein

http://www.cnbc.com/id/28470517

Feldstein said the current economic downturn is the worst since the end of World War II and mandates a different approach that even goes beyond the hundreds of billions the government already has poured into the system.

"I think we'll be lucky if by this time next year we see the economy having hit the bottom and starting up, and that's still going to leave us at a very low level of economic activity even if the turn has come at that point

Government will have to change the tax structure for capital gains and corporations while also exercising caution against inflation, added Feldstein, an economist at Harvard and president emeritus of the National Bureau of Economic Research.
American households have lost more than $10 trillion of net worth in the stock market and housing prices. They are cutting back on their spending...Where's the demand going to come from?"
"long-term structural changes" will solve the economy's many woes.