The weak cyclical recoveries from America's first two recessions in the 21st Century are exposing a long camouflaged and ignored truth. That is, bad public policy as practiced by elected and appointed officials at the state and federal level since the 1960's has engendered serious structural problems for the U.S. economy reducing potential real GDP, with cascading effects on employment, income distribution, and national savings while inducing higher levels of dependency on government for basic needs like food, clothing, and shelter. The structural damage done by too much immigration, too much debt, too many imports, too many laws, rules & regulations, and not enough quality education over the past 35-40 years has finally been revealed in the below potential performance of the U.S. economy. The empirical evidence is clear; the underlying U.S. economy is getting weaker not stronger.
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