That’s the headline of Floyd Norris, writing in Saturday’s New York Times on the pace of the American economic recovery. Adjusted for inflation, we’ve seen 1.2% growth since the peak quarter before the 2008 recession began. Among the group of 7 industrialized countries (the G-7), that’s puts us in second place, behind only Canada which avoided the worst of the downturn because of a better regulated banking system. Ahead of Germany, France, Japan, Britain and Italy. And also, of course, far ahead of Portugal, Ireland and Greece, the countries recently bailed out by Europe, with staggering declines of -5.2%, -12.5%, and -15.9%. The U.S. is the only one of the G-7 group to show consistent growth over the most recent four quarters. I love facts.
Lawrence M. Schall
4484 Peachtree Road NE
Atlanta GA 30319
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