First Decade of the 21st Century had a Roaring Start and a Punishing Conclusion, Says NAI Global Chief Economist Dr. Peter Linneman
Despite a roaring start to the new millennium, the U.S. economy has little to show for the past 10 years. NAI Global Chief Economist Dr. Peter Linneman examines the key factors and trends that led the U.S. and global economy on a volatile roller coaster over the past decade, from a promising start to a punishing conclusion in a new white paper.
“In 2000, our federal budget surplus was over $200 billion and the world was at relative peace. In 2010, the federal budget deficit is in excess of $1.3 trillion and the U.S. is engaging in two major military operations around the globe,” said Dr. Linneman. “During the past 10 years, we have seen the country has weathered two recessions, two wars and we witnessed the horrors of the September 11th attacks. We experienced oil prices of nearly $150 per barrel, a booming and plunging housing market, a booming stock market and an extreme financial crisis.” Dr. Linneman examines where we have been and what we can learn from this last decade.
Dr. Linneman provides analysis of real GDP growth (and contraction), household wealth, unemployment, industrial production, federal spending and looks into the true causes of the financial crisis. He also provides insight into what will happen with the economy in the coming decade.
A Disastrous Decade, NAI Global’s white paper, is a scorecard for the 10 years from mid-2000 through mid-2010, reviewing how the economy has changed over the first decade of the 21st century.
This latest white paper follows A Robust Rebound to Mediocrity?, Dr. Linneman’s view of the economic recovery’s impact on the jobs market today and tomorrow. NAI Global’s white papers and research resources are available for free download at www.naiglobal.com under Publications/Articles & White Papers.
Dr. Linneman is also Professor of Real Estate, Finance and Public Policy at the Wharton School of Business, University of Pennsylvania, and Principal, Linneman Associates.