Although Bob Dylan won a Nobel Prize (for singing off key), his song “Don’t Think Twice, It’s Alright” is appropriate for this economy.
That is, don’t think about why the US is really slow to recover from The Great Recession (or why we suffered a massive credit bubble and home price burst that began in 1995).
But back to industrial production. Industrial production YoY fell -1.03% in September. And has been declining since last summer. That is 13 straight months of contraction!
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And capacity utilization still remains below the 80% target and has not hit 80% since Q1 2008.
The temptation is to say, “But we are a service economy!!!” But don’t think twice, it’s alright.
Bill Clinton at the last Presidential debate: “Don’t mention my National Homeownership Strategy!” national_homeownership_strategy1
From Clinton’s National Homeownership Strategy: “The goal of this strategy is ambitious: to generate up to 8 million additional homeowners from 1995 through the year 2000. The strategy recommends a series of concerted actions to help middle-income and low-income families, racial and ethnic minorities, families with children. and young adults overcome current barriers to homeownership. These actions will be undertaken by private industry, national nonprofit organizations, nonprofit community groups, and Federal. State. and local governments working in cooperation at the national, State, and local levels.”
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