Former Senate Banking Committee Chairman Phil Gramm noted if growth had just averaged previous post-WW2 recoveries there'd be 14.4 million more jobs and per capita income would be $6042 higher.
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"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet."
'Whiners' get to Gramm; he exits McCain camp →
