Conventional wisdom — as reported in many major newspapers and media — tells us the U.S. economy is “recovering.” Well-meaning economists, academics and government officials use the term “recovery” when discussing the economy, implying that growth is getting stronger. The U.S. Council on Competitiveness asked Gallup to conduct, pro bono, a comprehensive study of U.S. growth and productivity for the Council’s 30th anniversary. The study finds there is no recovery. The Great Recession may be over, but America is dangerously running on empty.
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