L'Esprit de l'Escalier: May 31, 2013
Friday Music

First Half of 2013 Growth Looks Like It Will *Increase* the Output Shortfall Relative to Potential by 0.4% Points

Just saying. If the financial crisis of 2008 and the failure to respond to it appropriately does in the end knock the U.S. from a 2.7-3.2%/year long-run growth trajectory to a 2.0%/year long-run growth trajectory for even ten years, in the long run it will turn out to be a much bigger deal than the Great Depression…