Victor Davis Hanson // Tribune Media Services
The U.S. economy grew at an anemic rate of less than 1 percent in the last quarter of 2015.
While the unemployment rate has dipped below 5 percent, the all-important labor force participation rate is at a historic low of just 62.7 percent. More than 90 million able-bodied adults are either not currently in the labor force or have stopped looking for work altogether.
Average household incomes have been mostly stagnant in recent years relative to the rate of inflation. The Dow Jones industrial average fell by 2.2 percent in 2015 and has continued to plummet this year. Most people’s retirement portfolios have been losing money.
Such economic sluggishness, more than seven years after the 2008 financial crisis, was not supposed to happen, given all the traditional economic stimuli.
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