Why The 2000's Were Terrible, By Pat Buchanan

Jillian Bandes | January 04, 2010 11:58 AM

Buchanan's editorial a few days ago very much reminds me of Paul Krugman's editorial in the New York Times. Like Krugman, Buchanan isn't too happy about The Aughts. Here's a snippet:

According to the International Monetary Fund, the United States began the century producing 32 percent of the world's gross domestic product. We ended the decade producing 24 percent

...The United States began the century with a budget surplus. We ended with a deficit of 10 percent of gross domestic product, which will be repeated in 2010.

Where the economy was at full employment in 2000, 10 percent of the labor force is out of work today and another 7 percent is underemployed or has given up looking for a job.

While the median income of American families was stagnant, the national debt doubled.

The dollar lost half its value against the euro.

Part of that's got to be other countries catching up and copying us. But that still means the coming decades, like this one, will be an uphill battle.