The Elusive Recovery

Deficits and interest rates must come down, say TIME's economists

Forecasters scanning the horizon for an economic recovery have begun to feel a bit like Vladimir and Estragon, those frustrated characters in the play Waiting for Godot who keep expecting something that never happens. Now in its 18th month, the recession has been a longer-running and more tragic drama than almost anyone originally predicted. For that reason, the TIME Board of Economists was extraordinarily cautious as it met last week in New York City to survey the outlook for the new year. The economists...

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