The Washington Times - December 27, 2011, 10:31AM

Former Governor of Virginia Jim Gilmore, a Republican, wrote on behalf of his organization, Free Congress, an article in Investors Business Daily about the state of the American economy.

In the piece, he discusses how the United States is now in the “American equivalent of Japan’s ‘lost decade’ but unlike other areas of the world in similar circumstances, like Europe, the U.S. has the opportunity to reverse the downward economic spiral we are currently in:


“Since 2007, many European Union countries have suffered loss of their rates of growth and high unemployment. Yet the European Summit offers no plan for growth. More trouble lies ahead for Europe.

America’s economic condition is not yet as dire as Europe’s, but it soon will be if we do not correct the root cause of the problems that we face in our own country.

Since 2006 America’s growth rate has also declined. America now has 15.5% less GDP than it otherwise would have had if we had continued to grow at our post-World War II historic rates. Growth estimates for 2012 have been reduced. Unemployment remains nearly 9%.

Joblessness is a waste for our country, and an emergency for millions of our citizens and their families.

We at the Free Congress Foundation have examined several economic standards of measurement, including consumption by the public, exports, government spending and investment from when the recession began in 2006 until now.”

Read more at Investors Business Daily