Imagine that in its worst year of our recent recession, the United States government had decided to reduce its federal budget deficit by more than $800bn — cutting spending and raising taxes to meet this goal. Imagine that, as a result of these measures, the economy had worsened and unemployment soared to more than 16 percent; and then the president pledged another $400bn in spending cuts and tax increases this year. What do you think would be the public reaction?
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