Letters to the President #1231: ‘Why going slow is tough going’
Reporter’s Note: President Obama runs the country. I write letters. That is where we intersect.
Dear Mr. President,
The economy is slowly growing. Plenty of indicators seem to say so. But the emphasis in on “slowly.” Glacially. And lately I’ve been thinking about how that is part of the problem in more ways than one.
The obvious problem is that slow growth delays all the things we need: More hiring, more purchasing, higher home values, more business expansion, yada, yada, yada.
The somewhat less obvious problem is that when growth is slow enough, almost everyone can delay responding to that growth until tomorrow, or next week, or next month. What I mean is, if I am a small business person (or heck, even a large company) who had to lay off some workers a year ago, I need to see solid signs of a recovery before I will risk…
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