Two Cheers for a Lackluster Economy

Raise a glass to the longest economic expansion in modern American history.

A full decade has passed since the end of the last recession, in June 2009, and the economy continues to grow. As of Monday, the current expansion surpassed the previous record for uninterrupted growth, set between 1991 and 2001.

But this time around, no one is accusing Americans of irrational exuberance: These good times don’t feel particularly good. Economic growth over the past decade has been slow and fragile, and most of the benefits have been claimed by a small minority of  the population.

The sense of disappointment is more than a feeling.

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