LAST week the International Monetary Fund, whose normal role is that of stern disciplinarian to spendthrift governments, gave the United States some unusual advice. "Lighten up," urged the fund. "Enjoy life! Seize the day!" OK, fund officials didn't use quite those words, but they came close, with an article in IMF Survey magazine titled 'Ease Off Spending Cuts to Boost US Recovery'. In its more formal statement, the fund argued that the sequester and other forms of fiscal contraction will cut this year's US growth rate by almost half, undermining what might otherwise have been a fairly vigorous recovery. And these spending cuts are both unwise and unnecessary. Unfortunately, the fund apparently couldn't bring ... |
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