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Narayana Kocherlakota

The U.S. Recovery Is Not What It Seems

By jobs and per capita growth, it's not much better than Europe or Japan. In some ways, it's worse.
So much for exceptionalism.
Photographer: Spencer Platt/Getty Images

Economists regularly point out that the U.S. has recovered from the recession of 2007 to 2009 much more strongly than other countries. If only it were so.

True, the U.S. stands out if one looks only at gross domestic product. For example, The Organization for Economic Cooperation and Development pointed out recently that U.S. GDP has expanded by more than 10 percent in inflation-adjusted terms since the end of 2007, while the euro area and Japan economy have stagnated.