Resigning Ourselves to Reduced Economic Growth August 3, 2011Posted by geoff in News.
I’m not optimistic about our economic future. I don’t believe that we’ll ever get a handle on our debt problem, our regulatory problems, our education/training problems and our enfattened government problem. I do believe that increasing international competition for customers, resources, and jobs will continue to slow our growth henceforth.
And I believe this:
People talk about 4 – 5% GDP growth as if it were the norm, and they base all their budget projections on the economy returning to that sort of growth rate. Absurd.
We haven’t seen consistent 5% GDP growth for 35 years.
If it weren’t for the dot.com boom, we wouldn’t have seen consistent 4% GDP growth for 25 years. Our economy is settling in at 2 – 3% growth for the foreseeable future.