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Summers Debating Krugman Says U.S. Will Dodge Japan-Like Slump

Former Treasury Secretary Lawrence Summers said the U.S. economy is strong enough to dodge a long period of high unemployment and slow growth like Japan’s “lost decade” that began in the 1990s.

“I would buy, not sell” the U.S. economy, Summers said during a debate presentation in Toronto yesterday. “In Japan, house prices fell to a level not two-thirds of previous levels, but a level 15 percent of previous levels.”