In today’s Financial Times, Clive Crook argues that the stalling of the economic recovery could be more than a “bump in the road,” as President Obama recently called it. Rather, Crook argues, the U.S. might be facing a lost decade like Japan’s in the 1990s. In that case, our greatest strengths—strong productivity, labour market flexibility—could become our greatest weaknesses.
On his New York Times blog, Paul Krugman argues that we’re much further on the road to a lost decade than even Crook acknowledges. Krugman says the economic evidence indicates not a slowed recovery, but a recovery that is yet to have even begun.
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