Weekly Wrap: The slow economic recovery
Kai Ryssdal talks with Marketplace New York Bureau Chief Heidi Moore and Reuters’ Felix Salmon.
On the slow GDP growth:
Felix Salmon: We’re not growing. We’re not creating jobs. We’re not having a vibrant recovery. Often, when you look at other countries, they tend to grow very fast after having a big economic drop, because people will just bounce back to where they were before. Doesn’t seem to be happening here. In the real economy — outside of Wall Street, which is making loads of money — you know, there doesn’t seem to be growth. When companies get those profits, they don’t seem to be spending them on hiring new people and growing this. They’re saving them and going, “Oh wow, I saved $1!” instead of investing it.
On the European debt crisis:
Heidi Moore: If we do get a bailout, it won’t make any difference, because it’s the same movie just running on repeat again and again. We’re bailing out the banks that lent these countries money, and we’re keep on doing it until the countries figure out their austerity measures.
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