St Louis Mortgage and Real Estate News –
St Louis Finance News: Lost Decade Coming For Housing Industry? [News Hot Line: 314-334-0210 | Floyd Tapia]
There are now disturbing reports being raised about the United States economy coming to a complete halt later this year due to disappointing job reports, continued weaknesses in the housing industry and low consumer spending.
But the long-term news could be even more devastating. Many economists are talking about an even worse fate that of a prolonged period of weak growth now being dubbed the “lost decade.”
Sung Won Sohn, economics professor at Cal State University Channel Islands recently said that “the probability of a lost decade is significantly greater than a double dip.”
He continues: “We don’t have too many engines of growth functioning right now — housing, consumer spending, exports are all sputtering. I have a hard time seeing where we can get 3% economic growth back.”
The description of lost decade lends itself to the idea of this nation being introduced to a never-ending recession to many consumers.
This possible eventuality is a result of the economy not growing fast enough to recover from lost jobs with housing and stock investments continuing to lose value.
This lost decade terminology is not new to world finances. The most famous lost decade occurred in Japan during the 1990s. Specifically from 1992 through 1999, the Japanese economy grew only 1 percent each year.
And to this day, Japan has not fully recovered from the economic weakness and falling prices it suffered during that rough period.
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