Since the end of World War II, we have had a recession every 5–10 years or so.
Our experience was that they always gave way to an expansion that made up the lost ground and then some.
It hasn’t worked that way this time.
We entered a recession in late 2007 that officially ended in September 2009. Now it’s 2016. This month will mark 8½ years of economic expansion.
So why is no one cheering?
Because the less than 2% average growth we have seen since the end of the recession (and actually, since the year 2000) has added very little real income to most American households.