Are We Getting Used to a Crappy Economy?
What if today’s sluggish economic growth turns out to be the new normal? – Michael Barone
By Michael Barone at National Review Online
EXCERPTS:
Politicians have been searching for policies to restore the status quo ante bubble. But in a slow-growth, new-normal economy, it doesn’t make sense to borrow to buy a house whose value will only stagnate. It doesn’t make sense to take out college loans for a degree that won’t get you a job.
Barack Obama has been trying to stimulate the economy with record-high government spending funded by higher tax rates and Fed chairman Ben Bernanke’s low interest rates. But as Stanford economist Michael Boskin points out in the Wall Street Journal, “Japan tried that, to little effect, in the 1990s.” Slow growth has become the new normal there.
FULL ARTICLE
| The Gross National Debt |
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