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New Normal Growth, Or A New Social Contract

It should be obvious. If government size and spending is to shrink as the so-called Austerians and deficit hawks want, then private wealth has to increase to maintain healthy growth–for all households. Conversely, if the predictions of a “New Normal” of slower growth and higher unemployment is to persist longer term, as Harvard economist Kenneth Rogoff and others are predicting, then government spending and benefits will have to grow…Read More

 

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