It's Called Recovery, but Where's the Beef?

By Robert Higgs
Feb. 19, 2015

Many economists and other analysts have recognized that the recovery from the U.S. economy’s most recent contraction has been unusually weak—weaker, for example, than any other since World War II. But analysts have disagreed in characterizing the current recovery, which according to the National Bureau of Economic Research, the semi-official arbiter of business-cycle chronology, began in mid-2009 after a contraction that had continued for ten quarters. Some aspects of the economy, such as real GDP and consumer spending, have recovered their pre-recession highs and continued to increase. The rate of unemployment has fallen by several percentage points from its high of more than 10 percent. Net private business investment, which took an especially steep tumble during the contraction, has regained much of its loss.

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