Hard Slog -- the Real Future of the U.S. Economy: Peter Orszag

The continuing weakness in the labor market and the saga of the debt limit highlight the dual problems we face: low economic growth right now and an unsustainable amount of debt for the future. Unfortunately, both are probably more significant than policy discussions and official predictions about the U.S. economy suggest.

The history of economies recovering from severe financial distress implies the unemployment rate will remain stuck at elevated levels for years, not quarters. And sluggish growth, in turn, will mean larger budget deficits.