IN THIS ISSUE:
1. Overview – Why Outlook For The 2020s Looks Bright
2. Recent Innovations To Boost Future Economic Growth
3. Other Reasons To Be Bullish On US Economic Growth
4. Millennials To Replace Boomers As Main Economic Driver
Overview – Why Outlook For The 2020s Looks Bright
A compelling argument can be made that the 21st century US economy has been a two-decade series of disappointments. Following a decade of steady economic growth in the 1990s, the 21st century began with a growing sense that the boom-followed-by-bust “business cycle” had been vanquished, and the long period of prosperity should continue indefinitely.
Instead, we had a mild recession in 2001 which was followed by a weak recovery, followed by the 2008-9 financial crisis and Great Recession, followed by another weak recovery for nearly a decade, followed by the pandemic-induced economic collapse in early 2020 – which required trillions of unprecedented government and Fed spending (borrowing) to get us out of it.
With the exception of the years leading up to the pandemic, which weren’t that great to begin with, it has been two decades of underwhelming growth and overwhelming inequality – an economy in which a persistently weak job market, with over 10 million still unemployed today, helped fuel social and political dysfunction.