Is America Stagnating?
Whenever the U.S. economy experiences a nasty shock or extended period of sluggish growth, economists—particularly those on the left—start speculating that maybe the good times really are over for good. Irrational exuberance quickly shifts to unreasonable pessimism about the ability of a market economy like America’s to continue broadly raising living standards as it has in the past. This habit of mind is so ingrained that even an economist of so towering an intellect and such supreme self-confidence as former Treasury secretary and Harvard president Lawrence Summers could not resist its gravitational pull.
About the Author
James Pethokoukis is a columnist and blogger at the American Enterprise Institute.