"At long last, a good portion of mainstream economists now concede that a 'double dip' recession is in the cards for the United States. To head off the pain, sixteen top economists addressed an open letter to the President urging him to "stimulate" the economy with a massive new round of government spending. We feel this is a recipe for driving a recession into a depression. However, there can be few doubts that such a move is being considered in the highest policy circles. Flush from victories in financial regulation and healthcare, the Administration may feel the conditions are ripe to push through another bold initiative.
If so, the United States may find itself in a very diminishing bloc of nations who fail to appreciate the magnitude of the global debt crisis. Its policies will become increasingly at odds with the drift of other world powers. Given American dependence on economic support from abroad, the risks of such isolation are significant..."
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