Skip to main content

View Diary: U.S. gross domestic product contracted at 2.9 percent in 1st quarter, worst showing in five years (137 comments)

Comment Preferences

  •  Actually, Jack Lew is a bit more negative than... (4+ / 0-)
    Recommended by:
    aufklaerer, waiono, HeyMikey, StrayCat

    ...this...


    U.S. Economic Recovery Looks Distant as Growth Lingers

    By BINYAMIN APPELBAUM
    NEW YORK TIMES
    JUNE 11, 2014

    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.

    A Recovery in Need of a Recovery: Is America’s Economy Stuck in the Doldrums? The Case for Optimism

    Treasury Secretary Jacob Lew on Economic Stagnation

    For more than a century, the pace of growth was reliably resilient, bouncing back after recessions like a car returning to its cruising speed after a roadblock. Even after the prolonged Great Depression of the 1930s, growth eventually returned to an average pace of more than 3 percent a year. But Treasury Secretary Jacob J. Lew, citing the Congressional Budget Office, said on Wednesday that the government now expected annual growth to average just 2.1 percent, about two-thirds of the previous pace.

    Graphic: In Most States, Unemployment Rates Haven’t Bounced Back

    “Many today wonder whether something that has always been true in our past will be true in our future,” Mr. Lew told members of the Economic Club of New York. “There are questions about whether America can maintain strong rates of growth and doubts about whether the benefits of technology, innovation and prosperity will be shared broadly.”...

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Wed Jun 25, 2014 at 09:58:43 AM PDT

    [ Parent ]

Subscribe or Donate to support Daily Kos.

  • Recommended (125)
  • Community (60)
  • Media (31)
  • Elections (31)
  • Trans-Pacific Partnership (30)
  • 2016 (29)
  • Environment (27)
  • Law (27)
  • Barack Obama (24)
  • Culture (23)
  • Civil Rights (23)
  • Hillary Clinton (23)
  • Republicans (22)
  • Science (21)
  • Climate Change (21)
  • Labor (19)
  • Economy (19)
  • Jeb Bush (18)
  • Josh Duggar (18)
  • Bernie Sanders (17)
  • Click here for the mobile view of the site