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Paul Krugman: The Lesser Depression

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At www.nytimes.com

The disappearance of unemployment from elite policy discourse and its replacement by deficit panic has been truly remarkable. It's not a response to public opinion. In a recent CBS News/New York Times poll, 53 percent of the public named the economy and jobs as the most important problem we face, while only 7 percent named the deficit. Nor is it a response to market pressure. Interest rates on U.S. debt remain near historic lows.

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At www.nytimes.com


 

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