I just ran across this great chart from Jim Glassman over at JPMorgan that illustrates the Growth Gap and how it is imperative we grow this economy faster.
Editor’s Note: This piece has been updated. Please see the update below.
Consulting firm McKinsey kicked up a hornet’s nest with these recent findings:
The main reason we have a big budget deficit right now is that the U.S. economy has been growing too slowly for a decade, including the Great Recession and Terrible Recovery. That means less tax revenue and more government services like unemployment insurance and Medicaid. So perhaps the real way Obamanomics has worsened our debt situation is by contributing to this extended period of weak growth.
The main reason the unemployment rate is so high is that the recession was so deep and the economic “recovery” is so anemic. But part of the problem may be a mismatch between job opening and the skills of unemployed workers. Here is WaPo’s Robert Samuelson: