Long Slog or Snapback?
Neil Irwin has written a very good survey of the different theories about the shape that the economic recovery will assume. The basic argument appears to be between people who look at the fundamentals of our situation and see no obvious engines for a rapid recovery, and people who look at the historical record and argue that America has always roared back from recessions and will thus do so this time, as well.
I'm trying to write some shorter posts, so rather than quote a big chunk of it, I'll just link. It's also worth taking a second to savor the moment. Eight months ago we were talking about a possible depression. Now we're talking about the likely speed of recovery. Somebody did something right, or at least did a lot of things not-wrong.
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