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February 2017 Policy Study, Number 17-1


The Great Recession and the "New Normal" Economy




[1] Thomas E. Woods, Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse, Regnery Publishing, Washington, D.C., 2009, p. 1.
[2] Ibid., p. 2.
[3] Ibid., p. 1.
[4] Steve Forbes and Elizabeth Ames, How Capitalism Will Save Us: Why Free People and Free Markets Are the Best Answer in Today’s Economy, Crown Business, New York, 2009, p. 2.
[5] Peter J. Ferrara, “Why the United States has suffered the worst economic recovery since the Great Depression,” Policy Brief, August 2016, The Heartland Institute, p.1.
[6] Ibid., p. 5.
[7] Richard Dobbs, Anu Madgavkar, James Manyika, Jonathan Woetzel, Jacques Bughin, Eric Labaye, and Pranav Kashyap, “Poorer than their parents? A new perspective on income inequality,” McKinsey & Company, <> accessed on August 26, 2016.
[8] Terence P. Jeffrey, “2006 vs. 2016,” Creators Syndicate, June 8, 2016, <> accessed on August 26, 2016.
[9] Ferrara, p. 9.
[10] Ibid.
[11] Ibid.
[12] Unemployment rate figures obtained from the U.S. Department of Labor, <> accessed on August 26, 2016.; inflation rate figures obtained from the Financial Trend Forecaster®, <> accessed on August 26, 2016.
[13] Ed Dolan, “What Ever Happened to the Misery Index?,” Ed Dolan’s Econ Blog, February 2, 2015, <> accessed on January 23, 2017.
[14] Tyler Cowen and Alex Tabarrok, Modern Principles of Macroeconomics, Worth Publishers, Gordonsville, VA, 2015 edition, p. 462.
[15] Josh Zumbrun, “The Legacy of Debt: Interest Costs Poised to Surpass Defense and Nondefense Discretionary Spending,” The Wall Street Journal, February 3, 2015, <> accessed on January 23, 2017.
[16] Steven Mufson, “CBO: Interest on federal debt will triple over coming decade,” Washington Post, January 26, 2015 <> accessed on January 23, 2017.
[17] James L. Buckley, Saving Congress from Itself: Emancipating the States & Empowering Their People, Encounter Books, New York, 2014, p. xi.
[18] Jeffery Miron, “U.S. Fiscal Imbalance Over Time: This Time is Different,” Cato Institute, Washington, D.C., 2016, <> accessed on February 12, 2016.
[19] Ibid., p. 1.
[20] Ibid., p. 5.
[21] Michael D. Tanner, Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato Institute, Washington, D.C., 2015, p. vii. 
[22] Terence Jeffrey, “Liberalism’s Legacy: Debt and Dependency,” Creators Syndicate, February 10, 2016, <> accessed on February 12, 2016.
[23] Ibid.
[24] Ibid.
[25] Forbes and Ames, p. 142.
[26] Ibid., p. 17.
[27] Terence Jeffrey, “Will Congress Control Debt or Will Debt Control Us?,” Creators Syndicate, July 20, 2016,
<> accessed on August 26, 2016.
[28] Patrick J. Buchanan, “The Real Existential Threats of 2016,” Chronicles: A Magazine of American Culture, August 16, 2016, <> accessed on August 26, 2016.
[29] Ibid.
[30] Forbes and Ames, p. 316.




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