The U.S. Economy Is on Track to Finish a Decade Without Significant Growth

[Purveyor]

It would take a miracle for growth to reach 3 percent this year, marking a decade without it

by Peter Gosselin
July 31, 2015 — 10:22 AM ED

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.

The new figures all but assure GDP for the year yet again will fail to reach the 3-percent mark, the pace economists generally say is needed in order for the average American to really feel it.

``This has been a uniquely slow period of growth that's delivered very little for low- and middle-income households,'' said Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities in Washington and former chief economist for Vice President Joe Biden. ``We need to grow faster and more equitably.''

The economy would have to grow at a 4.75-percent rate during the final two quarters of 2015 to reach 3 percent for the year. A recent Bloomberg survey of 70 economists found that the median forecast for the remainder of the year was for GDP of 3 percent.



more...

http://www.bloomberg.com/news/articles/2015-07-31/the-u-s-economy-is-on-track-to-cap-a-lost-decade-for-growth

[Warpy]

1. They want any growth, they'll have to raise wages.

It's as simple as that.

Rich men will scream, of course. Let them.

[bemildred]

2. And THAT, my friends, is the "Free Market" economy they babble about so admiringly. nt

[KoKo]

3. ...! And....do they Babble....on and on and on and on...n/t