Will the U.S. economy ever recover?
October 20, 2014
According to Martin Wolf’s newest book, The Shifts and the Shocks: What We’ve Learned – and Still Have Time to Learn – From the Financial Crisis, probably not.
We caught up with Wolf at his most recent book tour event hosted by The Chicago Council on Global Affairs and Zurich at The Standard Club in Chicago, where he explained a little bit about how the world economy got to be where it is today, and what we could expect in the future.
As a twenty-something, I have to say his opinion of the future, shared by other commentators, is a but disheartening.
Hearing thoughts like, “We look to be on a road that will never allow us [as a country] to fully recover from the Great Recession,” from Wolf, a top economist and chief economics commentator at the Financial Times, made me envision my savings account remaining stagnant forever.
Wolf, in his speech, also stated that “we should expect more crises like the one we already experienced.”
Much of the beginning portion of his speech focused on his idea that the global policy response to this financial crisis was far too weak; that it all but ensures we will have an even worse crisis down the road; and that unless we start implementing extreme measures today, we will be running into yet another catastrophe.
Wolf splits his newest book into three sections to delve into this topic fully. But, it seems to me that this topic of recovery (or lack thereof) should be opened up for further discussion.
Do you think our economy will ever recover from the Great Recession?