The Economist provides support for arguments the U.S. is in the midst of a Bush-Obama-Fed Great Stagnation. While I recently argued that the U.S. already is “in a Japanese-style stagnation or a semi-permanent Eurosclerosis”, the Economist describes the U.S. labor market as “Amerisclerosis”:
In the early 1980s the distressing persistence of high unemployment in Europe was labelled “Eurosclerosis”. Some now wonder whether “Amerisclerosis” is the right word to describe America’s labour market. It is true that unemployment has slowly dropped from a peak of 10% in late 2009, to 7.3% at present. But this decline overstates the health of the jobs market.
HT to Robert Higgs