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Indeed they are, but raising them would not reduce the sovereign deficit, given a commitment to full employment fiscal policies. And if the private sector is deleveraging - as is presently the case - not even without such commitment.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 12th, 2011 at 12:06:06 PM EST
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