A new research note by JPMorgan shows that since 1970, Japan, Finland, and Sweden suffered through a recession and a financial crisis at the same time, but all three recovered stronger than the United States.
The U.S. economy grew at an annual rate of 1.5 percent in the second quarter of 2012, down from 2 percent in the first quarter, the Commerce Department announced Friday.
Top income earners have been hardest hit by the recession and taxes, according to the Congressional Budget Office.
Worried congressional gridlock will prevent the compromise necessary to avoid billions of dollars in automatic tax increases and budget cuts, U.S. companies are delaying hiring out of fear of the economy will fall off the “fiscal cliff” in 2013.
The U.S. saw productivity decline in the first three months of 2012, lending credence to former President Bill Clinton’s assertion that the economy is still in recession.
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