Posted To: MND NewsWireIrving Berlin once wrote, “The song might be over, but the melody lingers on.” That, according to a paper from the Federal Reserve Bank of San Francisco (San Francisco Fed), sort of describes the Great Recession. A decade after the financial crisis and recession the U.S. economy remains significantly smaller that it would be had its pre-growth trends continued. Three Fed researchers, Regis Barnichon, Christian Matthes, and Alexander Ziegenbein, say this diminished level of output could result in a lifetime present-value income loss of about $70,000 for every American. Not only is the U.S. GDP, adjusted for inflation, well below the level it seemed inclined to achieve based on its growth before the recession, but so are the economies of the United Kingdom and other European counties . This diversion…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631