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Monday, August 08, 2011

One View of Consequence of Credit Downgrade

The greatest impact of the downgrade will be on the future course of U.S. politics, because the downgrade sets the ground rules for next year's elections. The question around which all political discussions will revolve for the next 15 months is this: is the U.S. government's fiscal problem one of too much spending, or insufficient taxation? This election will be about the proper role of government, and that is an issue that is long overdue to take center stage.

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