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NOTHING IS PERMANENT EXCEPT CHANGE

Over the past 40 years, the US economy has experienced four recessions. Among the four, only the extended downturn of 1979-1982 had a conventional cause. The US Federal Reserve thought that inflation was too high, so it hit the economy on the head with the brick of interest-rate hikes. As a result, workers moderated their demands for wage increases, and firms cut back on planned price increases.

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It deals a blow to those Democrats and liberal media commentators who have long hoped the former FBI director would provide a death warrant for the Trump presidency. It also makes House Speaker Nancy Pelosi’s recent downplaying of the possibility of impeachment look like a shrewd political choice.

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