America’s Employment and Growth Challenges
Elevated savings and reduced consumption relative to pre-crisis levels are likely to be permanent in the US, even after households reduce leverage and restore retirement savings. To make up the difference, Americans must focus on competing effectively for a portion of global demand.
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NEW YORK – For many, if not most, Americans, the crisis that befell them in 2008 – leading to slow growth, rising unemployment, and high anxiety among voters – appeared to spring from nowhere. Certainly, the vast majority of economists, investment analysts, financial firms, and regulators failed to see the growing risk. In fact, it had deep roots.