The current wave of new conservatives, that have become the prominent voice of the right-wing in America, carry with them a great ideological passion. These conservatives have been vocal supporters of many policies that are often congruent with the neo-liberal viewpoint. Such policies include a laissez-faire economic approach and small government; both of which are aligned with the economic rationalist approach. They have also ardently maintained their pro-family, pro-community rhetoric in a time when they say these values are being tossed aside by an increasingly liberalised America.
Has the American Dream really ceased to be a reality? Yannis Goutzamanis critically considers whether there have been changes to the socio-economic mobility in the United States in the recent decades.
It is now 5 years into the US recovery after the severe recession of 2008-9, unemployment has fallen to 6.7% and quarterly GDP growth remains between 1-2%. At first glance the recovery finally appears to be picking up momentum, with stronger then expected growth in the last half of 2013.
Looking at the longer term trends however, any optimism is quickly expunged as it appears the US is performing far below its potential. The IMF outlook for 2013 shows actual GDP to be more than 4% below potential GDP.