by James C. Bennett, Michael J. Lotus
American Enterprise Institute
August 21, 2013
The economy is supposedly in recovery, but it is the slowest and most painful economic rebound since the Great Depression. Unemployment is high and millions have dropped out of the workforce entirely. Many American families have suffered a collapse in their net worth since 2009. During the current administration, America’s debt has increased from ten trillion to sixteen trillion dollars. American businesses face a regulatory burden of well over a trillion dollars per year. Investment in start-up businesses is thwarted and innovation is far short of what it should be. The government is abusing its powers and attacking basic liberties. But as bad as things are today—and they will likely get worse for some years to come—the future will be bright for the United States because we are, in fact, in a period of transformation, not decline.