In the 1950s, the reknowned Nat King Cole sang a song called “Unforgettable.” For the U.S. economy, 2010 was the opposite, most forgettable.
Oh sure, a lot happened. But who remembers mile 18 in a 40-mile forced march? That’s if 2010 did represent mile 18. Maybe it was mile 23. It wasn’t mile 37.
Back near the start of 2010, Obama economic aide Larry Summers properly described the U.S. economy, calling it a “statistical recovery and a human recession.” The phrase outlasts Summers, who just left the employ of the administration.