Goodbye recession, hello slump

posted by
June 28, 2011
Cato Institute
by Steve H. Hanke  
Posted in Commentary

"The U.S. recession officially ended in June 2009. With that, a normal post-recession boom failed to materialize. Instead, an unwelcomed slump ensued. Since the recession bowed out, the average annual GDP growth rate has been a paltry 1.6% — well below the long-run trend growth rate of 3.1%. The economic policy prescriptions of the Obama administration — contrary to the President's oft-repeated assertions — have failed to mitigate the damage from the Panic of 2008-09. Rather, they have kept the patient in sick bay." (for publication 07/11)  

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