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Topic - Lawrence Summers
Hiring is soft. Pay is barely up. Consumers are cautious. Economic growth has yet to pick up.
President George W. Bush was fond of saying that he would not be around when the real history of his administration was written.
REUTERS NEWS AGENCY
In a recent, high-profile lecture before the International Monetary Fund's annual research conference, Mr. Summers said for the first time that we could be in for a long period of "chronic and systemic economic sluggishness."
Summers said the world is moving in that direction and has completed only 15 percent of the journey, but already we are "observing its consequences."