This paper was prepared for the Markle Economic Future Initiative.
Introduction
Five years after the start of the global financial crisis, the US economic recovery remains disappointingly weak. American prosperity is being sapped not only by the cyclical effects of recession, but by structural problems that had been building for decades. Persistently weak investment and erosion in the labor market are undermining the economy’s future capacity. The Congressional Budget Office has recently lowered long-term growth forecasts for the United States, and this decline in potential GDP should be a call to action.
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