Sounding a somber note even as the economic outlook in the United States brightens, the Federal Reserve’s No. 2 official acknowledged on Monday that global growth had been “disappointing” and warned of fundamental headwinds that might temper future gains.
The official, Stanley Fischer, who took over as vice chairman of the Fed in June, noted that although the weak recovery might simply be fallout from the financial crisis and the recession, “it is also possible that the underperformance reflects a more structural, longer-term shift in the global economy.”
The banking crisis? Caused by government intrusion into lending practices and a seemingly endless supply of cheap money from the Fed. Since then, we’ve burdened the private sector with ♡bamaCare!!!, enshrined Too Big to Fail with Dodd-Frank, and saddled the economy with an extra $7,000,000,000,000 or so in federal debt.
That’s our structural problem in a nutshell, and other than the debt, it could be overturned overnight by a responsible government.