Thursday, January 7, 2010
The Lost Decade
American has produce a net gain of jobs in every decade since the 1940s, but something went horribly wrong in the last decade. In the 1940s, we saw a 38% increase in payroll employment. The fifties produced a 24% increase, the sixties had a 31% gain, the seventies had a 27% rise and even the eighties and the nineties saw a 20% increase. But in the 2000s, America had a ZERO net growth in jobs.
Many people are calling it "The Lost Decade," but I agree with Peter Schiff, the 2000's was "the decade of (economic) sin."
This decade will be the decade of hell."
Aughts were a lost decade for U.S. economy, workers