Latest posts by Steve Stanek (see all)
- Don’t Expect Big Changes to Come from the Republicans’ Big Wins - November 5, 2014
- Fear the Day Government’s Great Fiction Lies Exposed - October 26, 2014
- Abusive Tax Policies Are to Blame for Corporations Going Overseas - October 18, 2014
Louis Woodhill, writing at Forbes magazine, pulls out a statistic I remember seeing a few months ago and that bears repeating. Read for yourself to get an idea of how bad the economy has been over the past decade:
The U.S. economy grew at an average real annual rate of 2.71% in the 1930s, 5.57% in the 1940s, 3.5% in the 1950s, 4.2% in the 1960s, 3.18% in the 1970s, 3.24% in the 1980s, 3.4% in the 1990s, but only 1.67% in the 2000s. This last number is shocking. Our real growth rate in the 2000s was less than half of the average (3.5%) from 1930 to 2000, and it was 38% lower than that of the “Great Depression” decade of the 1930s.