After the current economic malaise, the US will enter a period of economic growth, however, the growth rates will be well lower than the strongest performing economies in the world such as China, India and Brazil and also lower than the 20^th century levels in the US.

In the US and across the globe, there is heightened awareness about two closely related new economic realities. In the US, the new reality is that it will be very difficult for forthcoming generations to have improved economic status, i.e., for younger Americans to expect to exceed the economic well-being of their parents. In the world economy, the new reality is that the US is no longer the strong singular driving force in the global economy.

The good news for the world's economy is that if the latter were not the case, the global economic recovery from the 2008-09 recession would be significantly weaker and slower than is anticipated. The good news for the US is that its economy can be helped by the faster recovery and growth of other nations' economies coming out of this recession.

Part of the new reality for the US economy is that the nation's decline in economic prominence was even before the recent deep US recession and that it will continue after the US economy is in recovery. Yet, even with the recent economic decline and predictions of a slow recovery from the deep recession of 2008-09, the US remains the world's most important economy. The US still has by far the largest single national economy in the world, with a GDP of about $14 tn, representing more than one quarter of the global GDP.

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