WASHINGTON (9/8/11)--Americans can expect a weak economy for the next three to four years, and a great deal of patience will be needed as the economic recovery continues to play out, Credit Union National Association Chief Economist Bill Hampel said in a Fox Business Channel
Hampel noted that the economic recovery seems to have reached a flat point, with the weak growth of last year stalling. He added that no one really knows whether the economy is going to fall back into another recession or start growing again. While the slow pace of recovery may be trying, a slow recovery “is better than tanking,” he said. Stimulus, rather than austerity measures, could help the economy recover, but Hampel also noted that in the long run, the long-term growth of medicare and other programs must be addressed. In the short term, financial markets are reacting strongly to what happens in Washington, particularly to developments in fiscal and monetary policy, Hampel said.