New research warns that America has essentially lost its economic mojo and must somehow get its groove back.
Just seven U.S. states have bucked this long-term trend since the last recession, the Financial Times reported.
The findings are in a report from the Economic Innovation Group (EIG), a research organization that has been tracking the troubling deterioration in America’s economic vibrancy, the Times explained.
The U.S. “has seen a long-term decline in business births, less migration between states, and a growth in the economic power of incumbent companies, sounding alarm bells in Congress,” the Times reported.
“America has seen a pervasive drop in the economic dynamism of every one of its states since the early 1990s as new business formation sinks and workers move jobs less frequently, according to new research that underscores the challenge the country faces in restoring its entrepreneurial verve,” the FT explained. EIG defined “economic dynamism”