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Readers of our June 16 cover package on recession endorsed Fareed Zakaria's views. One echoed, "Improving the economy involves some short-term pain." Another said, "We Americans waste more than the rest of the world." A third wrote, "We are all consumers, mere units who go out and buy stuff."
Recession Panic
FAREED ZAKARIA LAMENTS THAT MUCH of what government should do to improve Americans' future economic prospects "involves some short-term pain in exchange for long-term gain. But Washington has become incapable of that" ("How to Get Back to Growth," June 16). He's right. But he's wrong to suggest that this phenomenon is new, as this 1944 entry from ...