A Case Against Secular Stagnation

by Ramesh Ponnuru

David Beckworth makes one at the Washington Post:

[T]he low rates of the last five years are just the result of a prolonged business cycle, not secular stagnation. Now, if that seems like a long time for a business cycle, remember that the Great Depression took twice as long, yet the economy eventually returned to its pre-crisis trend. And, just like today, people had become pessimistic, and worried that, yes, secular stagnation meant the slump would just go on and on.

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