Skip to comments.The American Moment
Posted on 09/18/2012 8:37:10 AM PDT by Dysart
A thought experiment: A child is born somewhere, anywhere, on the earth in the past decade. The family of that child wishes or needs to leave its hometo escape tyranny, war, the possibility of war, or simply to find a better life. Now, assume the family has access to every conceivable bit of information it can gather through Google about the relative conditions of the nations of the world. Where would the family of that child wish to go?
The family would know that the United States is going through its most worrisome time since the late 1970s. Its labor force has shrunk by 5 million workers since 2009. If those 5 million were still counted as part of the labor force, the unemployment rate would be 11 percent, more than two years after the conclusion of the Great Recession. A few more minutes with the browser and they would learn the U.S. has battled simply to restore itself to its condition in 2007, when the gross domestic product was $13.3 trillion. At the end of 2011, the GDP was $13.4 trillionmeaning that the U.S. economy was basically the same size at the beginning of 2012 it had been four years earlier. And while the stock market appears to have returned to the level it reached just before the meltdown of 2008, housing values nationwide have yet to return even to the halcyon days of 2006.
(Excerpt) Read more at commentarymagazine.com ...
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