American Exceptionalism Illusion Obscures Dire State of US Economy

Saturday, April 18, 2015
By Paul Martin

The US economy is teetering on the edge of a precipice and risks falling into a pre-Industrial Revolution economic abyss, while American “believers in the grand myth of perpetual growth” continue to delude themselves, Paul Farrell stressed.

The American “New Mediocre” economy will eventually become permanent, while the United States, deluded by its mythical “exceptionalism” idea, is heading toward zero economic growth, warned Paul Farrell, an American writer and former investment banker with Morgan Stanley.

“America Exceptionalism” implies a belief that our policies are superior, we’re qualitatively different, our values are unique, we’re the best in the world. Whether that makes us arrogant, delusional or just an out-of-control bunch of narcissists, new evidence does suggest that, at least in the global economic arena, competition from China and emerging nations has sapped America’s exceptionalism.”

Mr. Farrell referred to economist Robert Gordon of Northwestern University, who subtracts the economic impact of a series of disastrous “headwinds,” including shifting demographics, stagnant educational achievement, rising income inequality, globalization, household and government debt, which are leading the country to near zero GDP growth.

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