Op-Ed: There is a long campaign to put the US economy back on track

by Dramelin 9:00 PM 0 comments

Last year`s growth rate of 1.
6 percent was an entire percentage point below the economy`s pace of advance in 2015.
With the labor force growth of 0.
9 percent and productivity gains of 0.
2 percent, America`s physical limits to noninflationary growth are currently estimated at a pathetic 1.
5 percent.
As a result, we have an accelerating inflation in a slowing economy.
He might as well forget about his re-election bid, launched last Saturday in that airport hangar at Melbourne, Florida, unless he can rapidly and substantially increase the economy`s noninflationary growth rate to get most of these 15 million people back to work.
And with all that, the U.
S.
structural unemployment rate now stands at 4.
9 percent, which means that the 15.
2 million people currently out of stable employment cannot reconnect with steady jobs without major structural changes to labor and product markets.