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A Budget Deal That's Bad For America

Dean Baker CNN
The biggest issue . . . is that this is a budget that will continue to impose a drag on the economy . . . While the stimulus approved by Congress boosted growth and added between 2-3 million jobs, the steep deficit reduction of the last three years has slowed the economy, costing millions of jobs. With the housing bubble gone, we are missing close to $1 trillion in annual demand and no mechanism in the private sector that will cause it to replace this demand on its own.
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