Ryan Avent reads today's GDP report:
If nothing else, this awful report helps to solve a number of lingering mysteries concerning the crisis. Arguments that unemployment must be structural, given the failure of projected growth rates to generate new hiring, now look silly. Projected growth rates were simply overstated, and current unemployment is exactly what we'd expect given such a feeble recovery. Those overly optimistic assessments of the likely impact of interventions, from fiscal stimulus to QE, also make much more sense now. Policymakers were fighting a fire far more intense than they recognised.
Chart from Calculated Risk.
The Dish 