The United States faces an ugly combination: Japanese-style economic stagnation plus Italian-style political paralysis.
The U.S. remains far from full recovery from the financial crisis of 2008. A new survey by Rutgers University finds that 23% of Americans have lost a job (whether full-time or part-time) at some point in the past four years. Another 11% report a job loss by a member of their immediate family.
There are 12.3 million unemployed Americans today, and that number would be even higher if we counted those who have quit searching for work.
Yet while most Americans struggle with economic hardship, the American political elite engages in high-risk political games that put at risk not only the U.S. economy, but global security.
The United States is heading for its third artificial fiscal crisis in as many months.
The first artificial crisis was the so-called “fiscal cliff”: the expiry of many tax cuts…
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