"Strong" Growth Ain't What It Use to Be

The NYT has a good piece noting factors that are likely to lead to somewhat stronger growth for the 4th quarter of 2011, but which will not be present in 2012. As a result, it suggests that we will see growth close to 3.7 percent in the fourth quarter, but this will fall back to 1.5-2.0 percent in the first half of 2012.

It is worth noting that even at a 3.7 percent annual growth rate it will take us until almost 2017 to get back to the economy's potential GDP. According to the Congressional ...