Long-Term Implications of the Financial Crisis

Monday, October 27, 2008

By Jagadeesh Gokhale

Jagadeesh GokhaleThe raging global financial crisis is likely to tip the world economy into a recession, which, contrary to what many pundits suggest, is likely to be long lasting. The coming recession might well mark the beginning of an era of permanently higher taxes and slower economic growth in rich countries. And it will hasten a fiscal crisis in entitlement programs.

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