Economist Greg Mankiw Offers A Chilling Look At 2026, When The Full Faith And Credit Of The US Is No Longer Enough

Sunday, March 27, 2011 19:31
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Economist Greg Mankiw Offers A Chilling Look At 2026, When The Full Faith And Credit Of The US Is No Longer Enough

Tags: Congress | interest rates | U.S. economy

It's March 2026, and the President addresses the nation to announce draconian spending cuts. "To put it most simply, the bond market no longer trusts us," says the President.

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Using a simple literary device -- putting readers in the middle of the financial crisis of 2026 -- Mankiw shows us what will happen if the US fails to get its debt under control.


"If only we had faced up to this problem a generation ago," the make-believe President tells the nation. "Americans would have come to rely less on government and more on themselves, and so would be better prepared today."

 

 

 

 

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