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The Phasing Out of the 2009 Recovery Act and the Recoveryless Recovery

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Had the Recovery Act been continued, our average rate of GDP growth over the past three quarters would have been not 1.3%/year but instead 2.7%/year.

I had thought that Christina Romer had gotten a commitment from Obama in 2009 that there would be "no 1937s": no premature phase-out of fiscal stimulus before the recovery was well established…