Why We Can’t Do Much About Growth

Over the post-GFC period, I’ve made many references to a new, structurally lower rate of growth in the US and in the other highly developed countries. Prompted by an interview last week with ETF.com, a tweet by @reformedbroker, and the Fed’s growing recognition of the phenomenon, I took a sec to boil it down to three paras. Because popular expectations are still being calibrated on the old reality, the message, IMO, can’t be stressed enough.

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