Toward the end of 1942, Winston Churchill, in announcing a rare victory over the German army, uttered one of his more memorable phrases: “This is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” The same might be said today of the American economic recovery. Progress, though real, is incomplete.
Nine years after Bear Stearns’ collapse the first sign that the economy was in serious trouble the recovery seems to have healed the Great Recession’s worst wounds. Job creation has been steady. Payroll jobs total 145.8 million, up about 16.1…

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