From the perspective of Michael Spence, a Nobel Prize-winning economist (2001) and Hoover Institution fellow, the president faces some tough sledding..
...It's a structural reality that Spence believes Washington hasn't fully grasped and doesn't have a plan in place to address. "It's a design challenge, and that's not what we're doing right now," he said..
"There is every reason to believe these trends will continue," according to Spence, also a professor of economics at New York University's Stern School of Business..
Distinguished Visiting Fellow at the Council on Foreign Relations and the author of The Next Convergence: The Future of Economic Growth in a Multispeed World (May 2011, www.thenextconvergence.com).