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Sure Cure for the Debt Problem: Economic Growth
Sunday, August 7th, 2011
July 30, 2011
… there is, in theory, a happy solution to our debt troubles. It’s called economic growth. No need to raise taxes or cut programs. Just get the economy growing the way it used to… But… in the 1950s, the United States didn’t have Medicare. The population was younger, and Americans didn’t live as long… While it may be difficult or impossible to grow our way out of debt, the G.D.P. figures… suggest that we could quite possibly shrink our way into bankruptcy. The austerity measures that Congress is debating would almost certainly slow growth further. That, in turn, might actually worsen the debt problem — the exact opposite of what their proponents suggest.
Tags: economy, ideology
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