No, that isn’t the title of the paper. But I suppose this paper by Craig K Elwell would have been more appropriately titled something like, Mediocre is Here to Stay rather than something that masquerades as highly informative material that legislators can use to form economic policy, like the real title:
CRS Report for Congress
Prepared for Members and Committees of Congress
Economic Recovery: Sustaining U.S. Economic Growth in a Post-Crisis Economy
Here’s what Mr. Elwell has to say about demand side problems that have been delaying the recovery (Dear God, this stuff is so pathetic I scarcely want to deal with it):
Personal consumption expenditures historically constitute the largest and most stable component of aggregate spending in the U.S. economy. During the first three post-war decades, personal consumption spending averaged a 62% share of GDP. However, that share rose significantly over the next three decades, averaging about 65% in the 1980s, 67% during the 1990s, and about 70% between 2001 and 2007. The high level of household spending reached during the 2001-2007 expansion is unlikely to reemerge during the current recovery because it was supported by an unsustainable increase in household debt, a decrease in personal savings, ease of access to credit, and lower energy prices.
Sorry to have to cut this post short. But…. You know what? I just can’t do this tonight.
This stuff is highly annoying and makes me want to either have a fit or just sit and have a good cry.
I do, Sir. I do weep for the republic.
PS: I wonder if nepotism is a bigger problem than I imagined.