Barack Obama's critics blame the stagnation on the stifling effect of new regulations and overzealous bureaucrats. There may be something in this, but the far more important cause is simply lack of demand. Households remain focused on paying down their debts rather than spending more, and there is nothing that Mr Obama will be able to do before election day to change that. Tim Geithner, his treasury secretary, argued forcefully last week that the rich world, America included, has plenty of fiscal capacity for more stimulus, and Mr Obama has gamely campaigned for the $50 billion infrastructure plan he unveiled a month ago. But Congress adjourned without acting on it and will return after the election with less appetite, not more, for fresh spending.

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