Abstract
THE EARLY YEARS OF THE 21ST CENTURY have witnessed a struggling middle class, despite robust growth in the overall American economy. During the first six years of the George W. Bush administration, from 2001 to 2007, GDP in real dollars expanded by 16.4%, despite a brief recession in 2001; labor productivity (real GDP divided by full-time equivalent employees) grew at an annual pace of 2.2%. Both figures were close to their post–World War II highs for similar periods.
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