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Overview: U.S. Economy

It has been so long since the United States has had a real recession that we seem to have forgotten what one is really like. The U.S. economy has exhibited remarkable stability in the face of the huge head winds that started with the 2001 recession, which was the mildest on record by GDP standards. If the self-feeding dynamics of credit restraint, declining spending, declining income, and declining asset values start to build on one another, the outcome is likely not to be a “nice” recession, but one that is nastier and much more difficult to reverse.

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