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By A Smith (anonymous) | Posted November 20, 2010 at 12:24:40
Ryan >> Perhaps the next stretch of years will be characterized by a cycle of events in which the oil price skyrockets as demand recovers after a recession, triggering another recession in a gradual ratcheting down of our material standard of living.
Economic growth is the result of investing in the future and not eating all of your crop in the present...
Net National Savings as % of Gross National Income
Great Depression
1929 9.3%
1930 6.0%
1931 -0.6%
1932 -7.5%
Post WWII Economic Boom
1950's 10.27%
1960's 10.85%
Late Nineties Boom
1995 4.7%
1997 6.7%
1999 6.5%
2000-09 average
2.25%
Net National Savings average under Obama
-2.02%
Without a shift away from borrowing/consumption and towards saving/investment, the U.S. economy will continue to perform under it's potential.
Here is a chart that shows the savings level of the three sectors of the economy...
http://www.taxpolicycenter.org/UploadedPDF/1000664_TaxFacts_062104.pdf
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