| Serious analysts now argue that fiscal austerity in a depressed economy is probably self-defeating: by shrinking the economy and hurting long-term revenue, austerity probably makes the debt outlook worse rather than better. So we're now living in a world of zombie economic policies -- policies that should have been killed by the evidence that all of their premises are wrong, but which keep shambling along nonetheless. And it's anyone's guess when this reign of error will end. |
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