Wednesday, August 3, 2011
5 to 7 Years of Very Slow Economic and Job Growth, Says Professor Adam Lerrick
Henry Blodget of The Ticket interviews Professor Adam Lerrick of Carnegie Mellon University.
Professor Lerrick says the United States will continue to have very low growth rates in 1.5 to 2 percent, and very low growth in employment for five to seven seven or more years because the nation does not have an economic policy and has not had one since President Ronald Reagan was in office. Instead, "Remember, this country does not have an economic policy. It has social policy disguised as an economic policy."
The policy of the United States government instead seems to be to spread the wealth earned by the richest Americans to the rest of the country without promoting private-sector growth. America's competitors, on the other hand, are pursuing pro-growth economic policies that put American professional, skilled and unskilled workers against Americans in nearly all sectors of the economy.
Professor sees no rebound for new home construction and commercial construction for a decade. "We are not going to see any contribution from the housing sector," he says.