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FISCAL HYSTERESIS: 21st Century SPENDING-DEBT-TAX Circular Tapeworm

By Jim Wesberry

Never Ending Financial Crisis - "what's past is prologue," past derelictions circumscribe future fiscal choices. We are caught in a trap where debt burdens do not fall, but simply shift among sectors and countries, and where monetary policies alone are inadequate to stimulate global demand, rather than merely redistribute it.