Growth: The Only Way Out of This Mess

The American economy is unwell. The growth of manufacturing slowed in the spring, as did job growth, which was a dismal 54,000 jobs in May. Unemployment is rising again. Gasoline is nearly $4 per gallon, reducing tourism and retail sales while increasing the cost of everything from airfares to package delivery. And the housing sector, where so much personal wealth is invested, continues to retreat, with prices now down to 2002 levels. Not since the Great Depression three generations ago has recovery come so slowly after an economic crisis. Once again, as has been the case since the crisis began in 2007, most of the discussion about this has come to center on what the federal government can and should do to create growth. The problem is that the government has spent more than two years and more than $1.5 trillion trying to fix things, with what can charitably be described as limited results.

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Growth: The Only Way Out of This Mess

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