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Expect worse conditions ahead. Before yearend, Democrat and Republican leaders will implement $2 - 4 trillion spending cuts plus another $2.2 trillion scheduled to begin in January.
They'll call it deficit reduction, not austerity. It'll hit America's economy like a hammer when conditions can least tolerate it. The effect on GDP will be dramatic.
If all agreed on cuts kick in, it will have up to a 4% negative impact on national output. Imagine how much more intense today's crisis will become.
Stephen Lendman lives in Chicago and can be reached at Email address removed .
His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"
http://www.claritypress.com/Lendman.html
Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
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