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“We don’t see a real reason to think there will be any spark of recovery,” Reinhart said.
In other words, it’s a long slog. It doesn’t mean the country’s best days are behind us, or that everything that can be invented has been invented. Secular stagnation doesn’t describe what ails the U.S. economy. We’re still hungover from the last binge.
We desperately want to believe that the current cycle is similar to those we lived through, or heard about from our parents. That’s a false model, according to Reinhart. The sooner we accept that, we can lower our expectations. And who knows? One of these days, we just may be surprised.
The Opinion section is produced by the Editorial Department to foster discussion about key issues. The Editorial Board represents the institutional voice of the Star Tribune and operates independently of the newsroom.