ECRI On Frequency Of Recessions

I recently came across a notable excerpt in ECRI's "U.S. Cyclical Outlook" of December 2009 (pdf):

"The bottom line is that long expansions are needed after severe recessions to undo the damage.  After the 1932-33 depression, not even four years of expansion were quite enough, despite 10% annual GNP growth.  This time trend growth is likely to be far lower, and the danger of frequent recessions accordingly higher."

my comment:

I find the above excerpt interesting and notable.   While I don't necessarily agree with ECRI's current forecast or economic interpretations, the concept of Sustainable Prosperity is one that I have frequently written of, and it is imperative that we, as a nation, should consider our longer-term economic plight as we seek to improve our current economic  condition.

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SPX at 1087.62 as this post is written