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By Robert Rubin
Published: January 24 2011 22:21 | Last updated: January 24 2011 22:21
With historic transformation in the global economy well under way, the US is at a crossroads where the choices made will define our future. Either we meet our fiscal challenges "â?? including creating room for critical public investment "â?? or we lose competitiveness, underperform economically and, sooner or later, are forced by duress or crisis to act far more severely and with less opportunity to make thoughtful choices.
Fiscal policy deliberations will be framed by three concurrent situations. First, even with recent signs of improvement, recovery is projected to be slow (by post-second world war standards) to return to long-term trend, and unemployment is expected to remain stubbornly high, given the powerful headwinds facing us.
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