US economy on track for low growth for the entire decade
Quote:
The U.S. economy keeps chugging ahead, more like a tortoise than a hare. At this rate, it won't be anywhere near where economists expect it to be at the end of the year.
Gross domestic product expanded at a 2.3 percent annualized rate in the second quarter, according to Commerce Department figures published Thursday. While that was an improvement over the 0.6 percent pace in the first three months of the year, it was less than economists had forecast.
Some analysts argue that the nation is losing its entrepreneurial drive, on which they say growth depends. They point to Census data that show that among U.S. firms, the share that are young -- less than a year old and with at least one employee -- has fallen from 11 percent in the early 1990s to 10 percent early in the last decade to 8 percent early in this decade.
Meanwhile, the fraction of firms that are 16-years-old or more has gone from 23 percent to 29 percent to 35 percent.
1. Jobs going overseas
2. Jobs being taken here at home by the 1 million+ immigrants entering each year
3. Ridiculous debt culture thanks to school, healthcare, etc.
4. Seniors with no money for retirement staying in their jobs
5. Companies not manufacturing here
This is wonderful news for China and India as their ascent continues. How ironic, its as if the world is globalising away from the US, where globalisation began!
This is wonderful news for China and India as their ascent continues. How ironic, its as if the world is globalising away from the US, where globalisation began!
