After the postwar boom began the term ‘secular stagnation’ fell out of use as the 1920s fantasy of endless growth and prosperity once again took hold. But two post-Golden-Age factors have made it increasingly difficult for mainstream economists to sustain optimism. The slow growth rates since 1974, and especially the ineffectiveness of the Fed’s recent unparalleled monetary stimulus, defies orthodox comprehension. More importantly, we are seeing both the mass destruction of full-time jobs, many of which will never return, and record levels of long-term unemployment (unemployed for 15 weeks or longer).
Posted on: Sat, 15 Mar 2014 17:08:02 +0000
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