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Is the U.S. economy in a permanent slump? These economists fear it is
Is the U.S. economy in a permanent slump? These economists fear it is

The scariest term that economists have been throwing around lately is "secular stagnation." That sounds technical, but it's easy enough to explain: it means the economy is in a slump that it may never be able to escape. It's one thing to say things will have to get worse before they get better; quite another to say they'll just keep getting worse. But that's the fear expressed by former Treasury Secretary and White House chief economist Lawrence Summers in an essay published last week. Summers observes that growth in the U.S. and Europe--and projections for future growth--have been dismal and getting worse. (See graph above.) "U.S. economic growth has...

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