Is U.S. Economic Growth a Thing of the Past?
The U.S. and economic growth have consistently gone hand in hand. The country's history has consistently been accompanied by economic progress, and since the end of World War II, the U.S. economy has averaged GDP growth of more than 3% per year.
This is terrifying. It sounds like no growth is just stagnation – boring and uncool, but perfectly livable. This is not true, though. The entire economy is leveraged, which requires the payment of interest. In order to meet the interest payments of the economy as a whole, the economy has to grow. Or the entire economy will get foreclosed on…