Developments 10 years ago The U.S. and global financial system was in a dangerous place 10 years ago.
This is consistent with the lofty goal of becoming a high-income economy in about two decades. In particular, the incremental capital-output ratio has been on a steady decline, dropping from 9.5 percent in 1992 to just 3.9 percent today. In addition, the economy’s total factor productivity has increased, from only half a percent in the 1990s to about 2.0 percent today.