04/20/2011 12:03 pm ET Updated Jun 20, 2011

Misleading GDP Gains Mean U.S. Economy Has Been Failing Since 1998, Economist Says

The economy has been bedridden far longer than we realize -- and you can blame lying statistics for at least some of it.

So says Rob Arnott of Research Affiliates, a Newport Beach, Calif., investment management firm with some $50 billion under management. He argues in his monthly newsletter that, contrary to popular belief, the roots of our current malaise predate the financial crisis - and not by a little bit.

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