Hunkered-down America
"Just last week, for example, the McKinsey Global Institute, the research arm of the consulting firm, released a study estimating that the country needs 21 million additional jobs by 2020 to reduce the unemployment rate to 5 percent. The study (see PDF) was skeptical that this would happen. Ugh. Pessimism and slow growth become a vicious cycle.
Battered confidence most obviously reflects the ferocity and shock of the financial collapse and the ensuing recession, including the devastating housing collapse. But there’s another, less appreciated cause: disillusion with modern economics."
via Hunkered-down America · newsweek.com
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