The Corner

Fasten Seat Belts

First depressing graph of the week, courtesy of Your Lying Eyes.

Our growth in the boom times from 1961 into 1969 gave us 5 percent annual growth. The truncated boom last decade featured a pathetic 2.7 percent rate of growth. The trend of GDP growth shows a clearly declining trend line – at this rate we can expect growth this decade to average under 2 percent. I doubt we’ll be able to climb very far out of debt at that growth rate.

The river of Western prosperity has silted up. To dredge it will involve breaking a lot of public-sector rice bowls, facing down a lot of angry mobs, breaking a lot of promises, managing some major public disorder.

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