Most economists agree that economic freedom promotes growth, but fewer agree that more political freedom improves economic performance as well. Chile of the 1970s and 1980s and China today are just two autocracies with strong economies.
Not only are more American families in debt, but the median value of the debt more than doubled between 1989 and 2004. Credit cards and payday loans are two of the favorite tools for digging the hole deeper.
Susan C. Thomson
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Fed in Print: An index of the economic research conducted by the Fed.