First, the Good News...

The economy is expanding again. But the forces that kept the recession so mild will also limit this year's recovery

Gosh, this feels good. Almost inexplicably, an economy that looked rotten two weeks ago has suddenly turned super. Construction, factories, services, retailing--you name the tune and it's got an upbeat tempo. The latest twist came Friday, when the Labor Department reported net job creation for the first time in seven months and a drop in the unemployment rate to 5.5% in February, from 5.6% the month before. Normally, unemployment continues to drift higher for a few months after a recovery starts. This could be the beginning of one of the quickest job rebounds ever.

So take a deep breath. After a...

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