In a new research note, JPMorgan points out that since 1970, Japan, Finland and Sweden have all gone through what the U.S. is currently going through. And all three of them had recoveries stronger than America’s. The above chart compares the economic recovery — as measured by real GDP per capita — of each nation at different points after the trough of their recessions. And the U.S. is in dead last after 12 quarters from the bottom.
That this has been an historically slow recovery has been pointed out in many quarters, including numerous times in these pages. But in most cases, we have been comparing this recovery to other recoveries in the U.S. Here, however, the comparison is being made to how other countries are faring after having gone through the same downturn.
No, not every single aspect is the same. And I am sure Obama will have some excuse for why this situation was different, how much more terrible what he INHERITED was, and how it’s the obstructionist Republicans’ fault that we haven’t recovered.
But at some point, the American people tend to get fed up with excuses.