[Marxism] U.S. Economic Recovery Looks Distant as Growth Stalls - NYTimes.com
lnp3 at panix.com
Thu Jun 12 07:36:14 MDT 2014
On 6/12/14 9:24 AM, Louis Proyect via Marxism wrote:
> WASHINGTON — Recessions are always painful, but the Great Recession that
> ran from late 2007 to the middle of 2009 may have inflicted a new kind
> of pain: an era of slower growth.
> It has been five years since the official end of that severe economic
> downturn. The nation’s total annual output has moved substantially above
> the prerecession peak, but economic growth has averaged only about 2
> percent a year, well below its historical average. Household incomes
> continue to stagnate, and millions of Americans still can’t find jobs.
> And a growing number of experts see evidence that the economy will never
> rebound completely.
Just noticed a glaring analytical error in the final paragraphs of this
During the 1930s, many economists predicted that growth would not resume
its earlier pace. Alvin Hansen, a Harvard University professor, coined
the term “secular stagnation” to describe his view that changed
circumstances, including a lower birthrate, would prevent a full recovery.
Mr. Hansen was spectacularly wrong. After World War II, the number of
babies boomed — and so did the economy.
In fact it was WWII that was responsible for the boom. The postwar
recovery would have not been possible without the military Keynesianism.
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