MYTH NO. 1. This is a temporary blip, and then if s full steam ahead

MYTH NO. 1

This is a temporary blip, and then if s full steam ahead

TRUE, ONLY 12. 2% OF ECONOMISTS SUR-

veyed in the past few days by the Philadelphia Fed believe that the current backsliding will develop into a double-dip recession (though that percentage is up significantly from the start of the year). Avoiding a double dip is not the same as creating growth that's strong enough to revive the job market. In fact, there's an unfortunate snowball effect with growth and employment when they are weak. It used to take roughly six months for the U. S. to get back to a normal employment picture after a recession; the McKinsey Global Institute estimates it will take five years this time around. That lingering unemployment cuts GDP growth by reducing consumer demand, which in turn makes it harder to create jobs. We would need to create

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