WaPo:
The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth.Let's see, what kind of tax policy did the US institute in 2001? Which party controlled the Congress for six of the first eight years of the decade, and which party controlled the White House for the first eight years? And did the gap between rich and poor in the US grow or shrink during the decade? See the chart reproduced here if you're unsure.It was, according to a wide range of data, a lost decade for American workers. The decade began in a moment of triumphalism -- there was a current of thought among economists in 1999 that recessions were a thing of the past. By the end, there were two, bookends to a debt-driven expansion that was neither robust nor sustainable.
There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well.
I knew I wasn't alone in feeling left behind for the first time in my 40 years of work.
Posted by Linkmeister at January 2, 2010 08:57 AM | TrackBack