The Growth Chasm: A Never Ending Recession

On Sept. 19, 1991, the Wall Street Journal published an op-ed of mine, which the headline writers tagged with the eye-catching title “The Never-Ending Recession” rather than the more prosaic title I had submitted, “An Emerging Growth Gap.”  In that column, I warned of an emerging “permanent ‘growth gap’ between actual economic performance and historical precedent.  The end result,” I worried, “will be a substantial reduction in the American standard of living.”