Economic Growth during the Recovery from the Recession of – Introduction the Importance of Restoring Strong Growth

Economic growth during the recovery from the recession of –  has been remarkably slow—only . percent at an annual rate in the fi rst twoandahalf years. By comparison, economic growth during a comparable period following the deep American recession that ended in  averaged . percent. Employment growth has also been very weak, with a smaller percentage of the working age population now employed than when the recovery began. It is no exaggeration to say that this has been the weakest recovery in American history. Th e slow recovery raises a number of important economic and public policy questions. Most important, of course, is what has been the cause of the slow growth? And even if growth eventually picks up, does the long delay signal a new normal of a slowgrowth America? Can a slowgrowth America lead the world? What can be done to restore robust economic growth in America? Many economists and policy makers have put forth explanations for the slow growth. For example, Reinhart and Rogoff Introduction