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The high cost of economic policy uncertainty

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America's economic recovery has been slow by historical standards. Growth has been slow, unemployment stubbornly high, and "green shoots" have wilted fast. If you listen to some, such as Paul Krugman of the New York Times, the reason for the anemic recovery is that governments at all levels have been "slashing spending in the face of a depressed economy." But that's not the reason at all. The...

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