Bill & Mohamed, You're Wrong

Mohamed El- Erian, chief executive officer and co-chief investment officer of Pacific Investment Management Co. (PIMCO), center, with Alexandre Tombini, president of the central bank of Brazil, and Lawrence Summers, a professor at Harvard University and former U.S. treasury secretary Photograph by T.J. Kirkpatrick/Bloomberg

However, following every previous U.S. recession since World War II, the unemployment rate has returned close to its pre-recession level, and, although the recent recession was unusually deep, I see little evidence of substantial structural change in recent years.

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