The U.S. Economy’s Lost Decade

We interrupt the George Bush reputation rehabilitation tour for this brief reminder:

“For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different.

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.

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.”

Just in case you forgot: By nearly any conceivable measure, the George W. Bush administration (2000-08) economic performance was the worst of any President since Hoover.

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Source:
Aughts were a lost decade for U.S. economy, workers
Neil Irwin
Washington Post, January 2, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/01/AR2010010101196_pf.html

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