| Debt deal darkens fragile US economic outlook |
| I usually refrain from grading economic policy outcomes. Having spent fifteen years at the International Monetary Fund, I am sensitive to the limited flexibility that policymakers have in practice, as well as the inherent uncertainties about policy counterfactuals. This time is different. Those responsible for America’s multi-month debt ceiling debacle deserve, at best, an “incomplete”. They could even merit a “fail” grade if both the process and outcome inflict the type of damage to America and the global system that I suspect they will. http://link.ft.com/r/WDI4RR/ |
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Wednesday, August 3, 2011
Debt deal darkens fragile US economic outlook
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