“Secular Stagnation” Continues

SOURCES: Steve Rattner, “Testimony the House Ways and Means Committee,” May 16, 2018; Lawrence Summers, “What to do About Secular Stagnation,” World Economic Forum, Oct. 31, 2014; Budget of the U.S. Government, Fiscal Year 2019: Mid-Session Review, Office of Management and Budget, July 13, 2018, Table S-1; Susan Lund, et al., “Rising corporate debt: Peril or promise?” Discussion Paper, McKinsey Global Institute, June 2018; “The Return to Normal Risk,” Wall Street Journal, February 5, 2018; Wall Street Journal Economic Forecasting Survey; Craig Torres, “Bernanke Says U.S. Economy Faces a ‘Wile E. Coyote’ Moment in 2020,” Bloomberg Businessweek, July 7, 2018; Paul Kiernan, “U.S. Soybean Exports Surged Last Quarter,” Wall Street Journal, July 6, 2018; “Household Debt and Credit Report (Q2 2018),” Center for Microeconomic Data, Federal Reserve Bank of New York; Josh Zumbrun, “Household Borrowing Hits High,” Wall Street Journal, Aug. 15, 2018; “Feel That Post-Recession Bounce,” New York Times, Sept 27, 2017; Grep Ip, “A Solid Economy With Room to Run,” Wall Street Journal, July 28, 2018; “Stock Prices Defy Surge in Buybacks,” Wall Street Journal, July 9, 2018; Lu Wang, “Forget Apple, Goldman Says, Flagging New $1 Trillion for S&P 500,” Bloomberg Businessweek, August 6, 2018; Heather Long, “The average American family will get $4,000 from tax cuts, Trump team claims,” Washington Post, Oct. 16, 2017; “Worker Rights Preemption in the US,” Economic Policy Institute, September 2017; “The People’s Budget: A Progressive Path Forward FY 2019,” The Congressional Progressive Caucus.