Leadership. What leadership?
by Miki SaxonPost from Leadership Turn Image credit: AMagil
Aside from tax rebates, has there really been strong economic advances under the Bush Administration?In its current issue, Business Week does a quick roundup of this so-called expansion,
“The expansion almost certainly ended in 2007, seven years after the previous peak in 2000. Unfortunately, this cycle has been lackluster, with real wages falling for many, economic growth slow compared with past cycles, and the U.S. getting a smaller share of the global pie.”
Here’s the pertinent info…
Global output: In order, China, India and Russia were the biggest winners in terms of world output, while Germany, Japan and the US (dead last) were the biggest losers. The US loss was more than three times Japan and four-and-a-half times Germany.
Median earnings: They were basically flat after adjusting for inflation. People with advanced degrees managed a whopping 2% increase as opposed to losses for all others.
Growth: U.S. growth averaged only 2.4% per year, nearly a full point below the average of the last two cycles.
What happened to you during this cycle?
Your comments—priceless
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March 25th, 2008 at 4:52 am
Is the whole world heading for recession, or is it that we are being told we are heading there, hence we all act accordingly?
Would be interested to hear from business owners, ideally from a cross section of business types, to see if they are experiencing a downturn.
Rob
March 25th, 2008 at 10:10 am
Rob, I’ve always thought that economic cycles are exacerbated by the ever-increasing speed and span of communications, along with the financial smoke and mirrors so popular these days.
And be sure to visit the Business Channel 3/31 for a multi-pointed view of the recession.
March 27th, 2008 at 12:15 am
[...] Tuesday I cited statistics compiled by Business Week that showed that the expansion that’s ending did not, in fact, expand much. In fact, of the three worst performing countries, the US loss in terms of world output was more than three times Japan and four-and-a-half times Germany. [...]