24th December 2012
Nothing has been more central to America’s self-confidence than the faith that robust economic growth will continue forever. Between 1891 and 2007, the nation achieved a robust 2% annual growth rate of output per person. Unfortunately, the evidence suggests to me that future economic growth will achieve at best half that historic rate. The old rate allowed the American standard of living to double every 35 years; for most people in the future that doubling may take a century or more.
A find dose of pessimism to start your Christmas season off right.