"Welcome to the recovery", crowed the headline on a New York Times op-ed last August. Its author was Timothy Geithner, the treasury secretary. Mr Geithner hailed the government's bold efforts to lift America's economy out of recession and into a strengthening recovery. Even then, with growth uncertain and unemployment rising, he seemed too bullish. Now things look much worse. A new trove of gdp data reveals America's recession to be much deeper than previously understood, and the recovery much more tenuous.
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