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America And The “Lost Decade”

By 06.08.11

Awhile back, my frustrations got the best of me and spilled over onto TSS in the form of a piece called “The Job Nobody Wants.” To this day, it stands as the only post I was ever hesitant to publish mainly because I was apprehensive of coming off as someone who was complaining and not realizing there were people living in far worse situations.

To my humbled surprise, the reaction was 100% positive. With the way the economy is now, knowing someone experiencing tough financial times is as common as saying you know or knew someone affected by cancer. It’s a problem that does not show signs of getting better, only worse, and one that has so many ramifications beyond a checkbook that explaining them all would have us here until Thanksgiving. The enormity of the issue is the exact reason why I believe this, with the pedestrian-like political background I do have, is what the 2012 election will climatically hinge upon.

CNN’s Money section explored the issue of America’s struggling economy. What they uncovered is unsettling, but not too shocking considering what the past few years have been like. This period of slow growth and unemployment may be just getting off the ground.

Following a real estate bust that hit Japan in the 1990s, the economy fell into a prolonged period of economic stagnation that lasted for years and became known as the country’s ‘Lost Decade.’

In the U.S., the situation is shaping up to be similarly stubborn.

“I think we’re in for a lot of disappointment,” said Carmen Reinhart, a senior fellow at the Peterson Institute for International Economics and a leading expert on financial crises. “If historic norms hold, deleveraging isn’t pretty, and it is not a smooth process. We’re already four years into this. I don’t think the next six years look great.”

Bad news is common news these days and while the article was informative, I know there’s more to it than meets the eye, which could be a good thing or a bad omen. The only thing I, or anyone who visits this site, can do is keep hustling and pray it pays off in dividends, and not debt, later down the line.

Read the rest over at CNN.com.


TAGSeconomicsEVERYTHING ELSESMOKE BREAK

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