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U.S. Deficit Too High?
Ones and Tooze
The political consequences of doing the 'right thing' in fiscal arithmetic
If you do the right thing according to fiscal arithmetic, it's your political opponents who will take advantage. And the Democrats can't afford to keep playing that game. In the 1990s, lowering interest rates was crucial for raising investment. The Clinton team managed to bring it down to 3%. But currently, interest rates are even lower, and there isn't strong evidence of a close correlation between business investment and interest rates.
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