Fred Moseley: Is the US Economy Headed for a Hard Landing?

In the first thirty years after World War II, the United States economy performed remarkably well. The rate of growth averaged 4-5% a year, the rate of unemployment was seldom above 5%, inflation was almost non-existent (1-2% a year), and the living standards of workers improved substantially (the average real wage, or the purchasing power of wages, roughly doubled over this period). This was the “golden age” of US capitalism. However, this “golden age” ended in the 1970s. Since then, the rate of growth has

Read more