Listening the other day to discouraging economic forecasts from Alan Greenspan and Larry Summers, I was reminded of the many polls showing that Americans worry their children won’t have the same opportunities they did. To be clear, neither the former Fed chairman nor the former Treasury secretary was predicting recessions or even downturns. But there was little in their words to the National Association for Business Economics to suggest that brighter days are on the immediate horizon. …
Putting the deep concerns of two of America’s brightest economists together with a troubled, even apprehensive public, particularly one that is worried about the opportunities of future generations, brings to mind the word commonly attached to Jimmy Carter’s presidency—”malaise.” CONT.
Charlie Cook