”

The short-term recession/recovery trend that everyone talks about is a minor blip on the real long-term economic line which nobody is focusing on - the decades-long decline of the US economy due to loss of our product development and manufacturing base. That long-term trend will inevitably decline as the trend continues, and foolish attempts to maintain GDP through debt will continue to cause recessions.

The loss of US manufacturing was probably inevitable as other nations developed their capabilities. But we’ve made easier for them and damaged our economy by treating US manufacturing companies as the enemy and our willingness to sacrifice good jobs for other goals — seemed like a good idea at the time, welcome to the new (poverty) reality. The next danger is attempts to maintain US social welfare programs without the jobs base that supported their creation - more bubbles and Great Recessions to come.

Bernanke In Denial About Economy’s Fate, Vincent Reinhart Says - Yahoo! Finance [finance.yahoo.com]