“All participants anticipated that unemployment would remain substantially above its longer-run sustainable rate at the end of 2011, even absent further economic shocks; a few indicated that more than five to six years would be needed for the economy to converge to a longer-run path characterized by sustainable rates of output growth and unemployment and by an appropriate rate of inflation.”
Prof. Krugman (below) writes that this preliminary assessment should worry us. I understand that it is official, we are for a long period of financial distress. I was already in distress. This is not reassuring.
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