According to CNN.com, Harvard economist Ken Rogoff made this comment: “We have never left the recession by any reasonable measure,” Rogoff said. “If you’re 10 feet below water, and you come up a foot, you’re still drowning. The question of whether we are growing at 1% or falling at 1% is not the big issue. We’re in a different animal.”

On behalf of all of us who made this comment a year or two ago, I’d like to welcome Prof. Rogoff to our group.