'The Five Myths About the U.S. Economy'

06/10/2011 09:57 am ET | Updated Aug 10, 2011
  • Rana Foroohar TIME

Double dip is not a term that a government keen to extricate itself from the economic-crisis-management business likes to hear. A couple of weeks ago, the Obama Administration was poised to switch to growth mode. Then the ugly data started pouring in like the overflowing Mississippi. First-quarter GDP numbers showed a measly 1.8% increase, well short of the expectations of above 3%, and second-quarter estimates are not much better.

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