Monday, May 30, 2011

The Truth About the American Economy

The government let us down. Literally.

Robert Reich (The Truth About the American Economy)

(This is excerpted from testimony presented to the U.S. Senate Committee on Health, Education, Labor, and Pensions, on May 12.)

The U.S. economy continues to stagnate. It’s growing at the rate of 1.8 percent, which is barely growing at all. Consumer spending is down.

It’s vital that we understand the truth about the American economy.

How did we go from the Great Depression to 30 years of Great Prosperity? And from there, to 30 years of stagnant incomes and widening inequality, culminating in the Great Recession? And from the Great Recession into such an anemic recovery?

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