Posted on Monday, 4th January 2010 by admin
What would you call the previous decade? ‘The 00s’ or ‘the Aughts’? Concerning the latter, that’s what the 1900s were called. (True, it’s hardly a phrase that rolls off one’s lips. Maybe, given the rise of mobile technology, we should call the 00s ‘The Apps’ ?)
Of course, factors other than economics play a role in a decade’s short-hand identifier, but in the modern era ‘the economic’ dimension has carried the day more than a few times.
Examples, (all from the 20th century, one should add), include: the ‘Roaring 20s,’ the ‘Go-Go 80s,’ and the ‘Fabulous 50s.’ The ‘Roaring 90s’ also has been cited for the 1990s, and it’s an accurate title for the decade, although in terms of the magnitude of economic change and stock market gains, the Roaring 20s tops the 1990s. But no, the creators of the ‘Roaring 90s’ shorthand will not be hauled in to court on that one.
Then of course there are the monikers that stem from other factors: the ‘Psychodelic 60s,’ also referred to as the ‘Turbulent 60s’ or the ‘Tumultuous 60s.’
(On a purely selfish note, anyone who is writing a book, particularly one involving the United States, loves catch phrases for each decade, as it quickly signals a time period to the reader.)
Sometimes, a key short-hand does not emerge for a decade, such the 1970s: about the only moniker that comes to mind for the 1970s is ‘stagflation.’
Which returns us to the subject of the previous decade: some have argued it will be known as ‘the lost decade,’ due to the public policy errors, private sectors excesses, scandals, and two U.S. recessions. I’ve referred to it as the U.S.’s ‘decade of descent,’ due mainly to the economic and public policy errors of 2001-2008. Still, the previous decade’s title obviously has by no means been resolved.
One thing we won’t call the previous decade — a decade of private sector job growth: incredibly, the U.S. private sector sustained a net loss of jobs over the 10-year period, 2000-2009.
And this decade: what will it be called? In the 20th century, the comparable decade, 1910-1919, was called ‘the Teens.’ Perhaps the economic factor will loom large in this decade. Or maybe it won’t.
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Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.
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Tags: Decade, Previous Decade
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