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Nobel Economist: Washington Dysfunction Carries Heavy Price Tag

Many people are breathing a sigh of relief after the U.S. Congress reached a last minute agreement to end the fiscal stalemate. But relief carries a large price tag. The credit ratings agency Standard and Poor’s estimates that the 16-day shutdown took $24 billion out of the economy and shaved more than half a percent from fourth quarter GDP growth. But Yale University professor and Nobel Laureate Robert Shiller says the damage goes beyond dollars and cents. Thousands ...

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