How has the economy been doing for the since the bust of 2001? It is pertinent question for we often hear of Japan’s lost decade but not much of America’s. And while our situation may not be as dire as theirs (and our demographic nightmare of babyboom plus SS and Medicare is nothing compared to theirs), adjusting for inflation, assuming that government doesn’t actually contribute anything to the economy, and adjusting for population growth the US economy hasn’t grown in 11 years. And real after tax income per person hasn’t increased for about half of that (The spike in incomes in the middle of the last recession is bankruptcy which is counted as income).
This isn’t the great recession of 2007+, this is the great recession of 2001+.