Secular Stagnation

U.S. gross domestic product grew by just 12 percent in five years after the summer of 2009. Compared with past recoveries, that’s feeble. In the first five years of the 1960s expansion, the U.S. economy advanced by 35 percent. Growth was 28 percent in the first five years of the “Reagan recovery” of…

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Secular Stagnation

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