With grad school occupying most of my attention for the last three years I haven’t kept up my currency in economic matters, to coin a phrase. For instance, I know that as compared to recoveries in recent American history the gains this time around are slower in arriving. There are signs that the economy is improving but the gains are more heavily concentrated at the top than before.
But I was surprised to read the following from Larry Elliott at the Guardian, whom I’ve recently begun to follow in part because of my new portal to everything that’s going on in the world of news, NewsBlur. So long, iGoogle, I’ve met someone else!
In any case, Elliott says this about Britain’s 0.3% growth in the first quarter:
The improvement has been a long time in coming. Britain’s national output remains more than 2% below where it was at its peak in early 2008: by this stage after previous recessions — even the Great Depression of the 1930s — all the lost ground had been recouped.
Wow! Even in the Great Depression all the lost ground had been recouped by this point in the recovery in the UK. Does anyone know what the equivalent measurement would say about the US?