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Wyss: Still a Half-Speed Recovery

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    Economist David Wyss on the state of the economic recovery.

  • Duration 3:25
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And it right yes it is down Tim Geithner says the economy is doing better than anybody could have expected and last night Joseph Biden said things are looking up.

Need I remind you had a -- -- one point 3% growth in the economy in the last quarter so all things looking up in this economy.

Joining is now economists and Brown University professor David weeks.

-- that's.

A legitimate picture of the economy things are looking -- better than.

Anybody could unexpected.

Well things are looking a little bit better but it's still that's half speed recovery that we talked about from the beginning.

Things are looking better than we expected last month are not doing better than we expected a year ago.

It's always it's.

It's really disappointing -- that I mean I'm not -- -- -- in your -- that you know this -- good.

That it's continues to be this half speed recovery I -- it's disappointing it's not shockingly disappointing because we thought it would be a slow recovery put your finger on why.

I mean four years of disappointment we should be bounding ahead why don't -- -- aren't really expected to in this kind of a recession it was a debt problem there from the beginning we borrowed way too much money asset prices got inflated.

Historically those have been difficult to get out of and they've taken a long time brought what would it take to give us 45%.

Growth what would do it.

Well obviously any kind of majors change like that be very difficult engineering world where the government is already spending more money -- couldn't afford to spend so another would bend printing a -- and one that's not gonna do it.

It won't do it it it you might be able to get it that way if the rest of the world -- in in the same shape.

But the rest of the world is in the same problem what what tell me what's gonna do it -- how could we do to have its capital partners and he says he's not gonna it's not gonna happen.

You can get back to reasonable growth rates I think and you will get back to reasonable growth rates if you don't do anything stupid won't reasonable as well 34% to 4% maybe for a couple of years getting things back down to and that's -- -- around 6% -- -- -- Come on one of those mobile prosperity I would probably -- I'm retired I mean I thought he's going up.

I think what women suppose you've gone to a deal on this fiscal cliff sometime I don't care what the dealers but you gotta deal -- -- gonna go over the fiscal -- Suppose we also got tax reform.

From governor Romney has president lower tax rates fewer loopholes if you've got all of that.

-- a long term plan to deal with entitlement let's suppose you've gone all of that would you vendetta -- I don't think you get a -- -- get better growth there's no question but it's hard to see how you get a boom.

In the world where consumers really have to increase their -- where we have so many people approaching retirement age.

Attacking the way they don't have to increase their saving -- saying they should.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I think if we suddenly only second European all of a sudden -- suddenly you just look to Europe -- the Nobel peace with an apparent -- They'll take it and you look at.

Did you know by the way that a Nobel Prize comes tax free.

Yes because it's in the word extreme actions need to be with what a pleasure do well -- brown we do hope and I'm sorry about the boom which we're not gonna get.

Thank you.

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