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After Elections, a Glimmer of Fiscal Hope: Simon Johnson

March 5 (Bloomberg) -- The conventional wisdom says the U.S. is doomed, fiscally speaking. In most economic forecasts, annual budget deficits stretch as far as the eye can see.

The authoritative Congressional Budget Office projects accumulated U.S. government debt, as a percentage of annual economic output, to rise for the next few decades and to approach or exceed 100 percent, the level that got Europe into trouble. And then it truly explodes.