Sunday, October 20, 2013

Out of time and out of money

Megan McArdle: "Fight over default is fight over new normal."  "We can’t just gently restrain the growth of a few programs and wait for rising GDP to bail us out. Many of the factors that are making us grow more slowly, like an aging population, are making government outlays grow more quickly than usual. Someone is going to have to pay -- or lose what they've been counting on getting."

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