U, V, W, L – How is the US economy doing?

Here is a clip from the PBS Newshour with reporter Paul Solman and Simon Johnson – former IMF economist and now at MIT. Solman goes back two years when he interviewed Johnson about the shape of things to come in the US business cycle. Looking at today Johnson states:
“So if you think about GDP, here, the story is not so bad. So we were growing up until 2007, end of 2007, early 2008, and we come down pretty sharply, and then we have some recovery. Problem is, we’re not growing fast enough, we haven’t grown fast enough to keep up with population growth. And when you adjust GDP for inflation, we’re about where we were six years ago, end of the second quarter of 2005. So it’s not a lost decade, but it’s a lost half-decade already.”

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