Summary
The logic of the economic recovery isn't working -- or, at any rate, not well. By that logic, over-borrowed Americans would repay loans and replenish depleted savings, creating a temporary drop in consumer spending and economic activity. But once savings increased and debt declined, consumer buying would strengthen. It would replace the Obama stimulus program. Hiring would improve; the recovery would become self-sustaining.
We're still waiting. Just last week, economic growth for the second quarter was revised down to a meager 1.6 percent annual rate.See the full content of this document
Extract
Why the Recovery Lags
Why is the recovery faltering? There are many explanations: depressed housing, weaker-than-expected exports, cautious corporations. But consumers, representing 70 per...
See the full content of this document
Sponsored links
