This Time Is Not Different: More Debt, Less Growth

U.S. Secret Service Uniform Division officers walk in the door near the seal on the U.S. Treasury building in Washington, on Aug. 9, 2011. Paul J. Richards/AFP/Getty Images

Commentary

I remember that in 2009, three phrases were constantly repeated: “In this crisis, measures are different, because governments are investing in the recovery by increasing public spending,” “the funds from the stimulus will strengthen the recovery,” and “central banks help a stronger recovery by lowering rates and increasing liquidity.”