Wednesday, December 30, 2015

The U.S. Economy in the 21st Century: A Disastrous Performance

I’ve grown used to hearing Silicon Valley venture capitalists—and some tech CEOs—talk about how U.S. economic statistics don’t reflect the benefits the technology industry delivers to the U.S. economy.  It’s true that the tech industry creates jobs, income, and wealth for millions of Americans. Yet at the same time, the rise of tech has coincided with terrible underperformance of the U.S. economy as a whole.  So when I saw a senior executive at New York financial firm BlackRock joining the chorus trying to deny U.S. macroeconomic reality, I decided to gather the relevant statistics in one place to demonstrate just how bad U.S. economic performance is.