"The now widely-cited Macroeconomic Advisers report estimated the cost of crisis-driven fiscal policy at 1 percentage point off the growth rate for three years, or roughly 3 percent now. More than half of this estimated cost comes from the 'fiscal drag' of falling discretionary spending, with the rest coming from a (shaky) estimate of the impacts of fiscal uncertainty on borrowing costs."
The Damage Next Time
So what will the damage be next time, and how can we fight it? Yesterday's "deal" only puts off the fight for a few months. With more of this on the horizon, companies will be hesitant to hire or invest. Consumers will remain wary and distrustful.
Republicans still have one power: the power to destroy. And they will use that power until we take it away from them.
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