THEECONOMICSITUATIONAtthis2023midpoint,let’slookattheUSeconomyandseehowithasevolvedfollowingthe2008–2009GreatRecession,theCOVIDpandemic,thestepstakentocushionpandemiceffects,andthentheRussia–UkrainewarandAmerica’songoingwarwithinflation.Justwritingthisfirstsentencecausesmetorealizemorefullythatthesearesurelychallengingtimes.Ofcourse,thelistcouldgoonandincludetheongoingpoliticalstruggleoverthedebtlimitandthecoldwarinvolv-ingChinaandRussia,whicharebothfactorsaffectingthetoneandcharacteroftheeconomy,oneintheveryshortrun—Ihope—theother,longerterm.Butenough!Onreflectingonthelistofshocksandresponsestothem,Ithinkwecanconclude1.TheUSeconomynowreflectsadominantadministrativestatewhereeverymajorsectorandindustryissubjecttosignificantpoliticaldirectiveandcontrol.Weshouldnolongerspeakofgovernmentinterveningintheprivatesector.Inaveryrealsense,thereisnofree-wheelingprivatesector.Governmentisnowanintegralpartofthefunctioningeconomy.2.Thecombinationofshocksandresponses,especiallyfromtheGreatRecession,endedwhathadbeenenthusiasticsupportforglobalization.Globalismhasbeenreplacedbynationalism,whichemphasizesdomesticproductionanddeemphasizesinternationaltradebeyondNorthAmericaandlong-standingtradepartners—whatisnowtermednearshoring.3.USfiscalactionshavesignificantlyenlargedfederaldeficitsanddebtatatimewhenrisinginterestratesthataredesignedtoslowinflationhavecausedtheinterestcostofthefederaldebttobecomeburdensome,especiallywhenpoliticiansseektoexpandgovernmentwelfareactivities.3434WashingtonBlvd.,4thFloor,Arlington,VA,22201•703-993-4930•www.mercatus.orgTheviewspresentedinthisdocumentdonotrepresentofficialpositionsoftheMercatusCenterorGeorgeMasonUniversity.June2023BruceYandle群内每日免费分享5份+最新资料300T网盘资源+40万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长……全面赋能！添加微信，备注“入群”立刻免费领取200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商...
