Economist Teresa Ghilarducci she says the irony is we could have weathered both the economic hit of 9/11 and the cost of the wars, but it was our own folly that brought us down with the housing market. Ghilarducci claims that it is a result of taking on such risky financial practices as swaps and securitizations we find ourselves in our current financial crisis.
But Ghilarducci's companion, Rick McGahey, feels the wars do affect the economy on the "deficit" side. McGahey says it's the first time the US has cut taxes during wartime since the Mexican war.
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