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The
true problems of the US economy, to which
the rating agencies have turned a blind
eye, persist to this day. Standard &
Poor's states that a very large government
debt poses a systemic risk and calls for
more stringent fiscal austerity. The present
analysis points to the conclusion that
public sector debt in the US is potentially
destabilising, not because it is too large
but rather too small for the task at hand.
* This article was
originally published in Economic and Political
Weekly, VOL 46 No. 34 August 20 - August
26, 2011.
August
25, 2011.
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