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The Congress Who Cried Wolf
July 12th, 2011
If Congress fails to raise the debt ceiling before August 2nd, there will be an economic Armageddon. In the overwhelming majority of cases, I’m opposed to this sort of sensationalist statement. American politics has become far too wrapped up in overstating the consequences of a particular moment, occurrence, or action. Even economists, who as a general rule are a pretty levelheaded bunch, have exhibited a strong tendency to sound sensational over the last few years. The reason for this, partly, is that the Great Recession has brought with it a series of critical economic moments that really have required swift and...
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