Despite a $1 trillion expansion of America’s money supply and the “most stimulative fiscal policy” in history, the U.S. economy has actually continued to decline over the last three years, according to U.S. News & World Report chief Mortimer Zuckerman.
“The Great Recession is an apt name for America's current stagnation, but the present phase might also be called the Grand Illusion — because the happy talk and statistics that go with it, especially regarding jobs, give a rosier picture than the facts justify,” penned Zuckerman, in an article published Monday in The Wall Street Journal.
After 2.4 percent annual growth rates in gross domestic product both in 2010 and 2011, the economy slowed to 1.5 percent growth in 2012, said Zuckernman, who noted that the cumulative growth for the past 12 quarters was just 6.3 percent, which amounts to the slowest of all 11 recessions since World War II.
“The country isn't really advancing, By comparison with earlier recessions, it is going backward,” said Zuckerman.
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