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Cardinal Conversations : August, 2011

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    Economist Michael Boskin on the Debt Crisis

    Most Americans (even Stanford grads!) remain confused about the last-minute deal to increase the nation’s $14.3 trillion debt limit. To figure out what it means, Cardinal Conversations turned to Stanford economics professor Michael Boskin, a Hoover Institution senior fellow who was chairman of George H.W. Bush’s Council of Economic Advisers from 1989 to 1993. Excerpts:

    HOW MUCH DOES THE FINAL RESULT SURPRISE YOU?

    This is more or less what I expected. I thought it would go up to the wire and then pass. I have long had four rules about elected officials’ behavior on economic matters. No. 1, they usually wait to act until they’re forced. No. 2, there’s a disturbing tendency to ignore long-term costs to distribute short-term benefits. No. 3, they will try to circumvent the laws of economics – for example, to think that massive debt will n...

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    Posted by Ms. Karen Springen on Aug 3 2011 10:12AM | 6 comments