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There has been a lot of negative talk recently about the struggling American economy. Most of us are all-too-aware of falling house prices, slowing economic growth and the possibility of recession.While all of us should be concerned about the short-term economic prospects for our nation’s economy, the long-term track record of the American economy is very good. Productivity has risen consistently over the years and by any objective measuring stick, Americans are living better, more fulfilling lives than ever before.This improved standard of living is the direct result of improved productivity. The fact that we as a society are able to bring more goods and services to more people using fewer resources – human or otherwise – is a big reason that we can afford better cars, bigger, better televisions and other things that make life richer and more comfortable.While productivity has grown exponentially in technology-intensive areas and other “cutting edge” areas of the economy, the gains have not been shared by other areas of the economy.
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