Worst decade in generations.
January 2, 2010 9:11 AM Subscribe
Aughts were a lost decade for U.S. economy and workers.
posted by VikingSword (69 comments total)
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For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different. The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth. Meanwhile, some of the administration's remedies might be making things worse: U.S. Loan Effort Is Seen as Adding to Housing Woes
It was, according to a wide range of data, a lost decade for American workers. There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well. "One of our challenges now," President Obama said in November, "is how do we get what I call a post-bubble growth model, one that is sustainable." The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.