Economists: Pre-Recession U.S. Economy Is ‘Not Coming Back’

February 14, 2012

“The economy that we had before the recession is gone,” said Kenneth Goldstein, an economist for the Conference Board, a group that provides economic and business advice and research to its member companies.
“It’s not coming back.”
The U.S. economy is being transformed into something new; something where businesses invest less and consumers spend fewer dollars, Goldstein told The Huffington Post in an interview.
What would be necessary to return the country to its pre-recession growth?
According to Goldstein, “businesses, consumers and the government would need to spend at least $1 trillion more than they are likely to spend in order for the economy to return to its pre-recession growth rate.”
Of course, no one is going to invest that kind of money to jumpstart the economy, since consumers are nervous about spending and businesses expect a lower return on their investments.