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The Editors, The Economist, On the Debt Deal and Economic Recovery:

Posted 08.14.11 at 06:24 PM by Steve Boren

The Editors, The Economist, On the Debt Deal and Economic Recovery:

"America's recovery from a balance-sheet recession was always bound to be sluggish and fragile. And its woes need not fell the world economy, thanks to the strength of emerging markets. But the thoughtlessness of the debt deal -- notably its failure to tackle any of the real sources of America's fiscal problems, such as entitlement spending -- raises a bigger worry. Can the country's politicians, so starkly polarised and so willing to gamble with the economy, be trusted not to turn what was always an inevitable period of hardship into longer-term stagnation? ...


"If America does manage to avoid recession and slowly begins to pull out of this mire, it will be testimony to its underlying strengths. It still has huge advantages over other rich countries: a younger, less-taxed population, a more innovative economy and, for now at least, the dollar as the global reserve currency. If only it had the political leaders to match, its chance of avoiding recession would be far better than one in two."
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