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Megan McArdle

Fight Over Default Is Fight Over New Normal

The epic debt-ceiling fight will be just the first of many in an era of slower growth.

Are you depressed by the spectacle in Washington? You may not be depressed enough. This morning I read a recent paper by Brink Lindsey of the Cato Institute, and commentary by Robert Samuelson of the Washington Post, and frankly, I think I need some Prozac.

You really need to read Lindsey's full paper, but here's the nub: