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The Big Picture

The Crisis Next Time

After the financial crash of 2007-2008, US policymakers had to resort to extraordinary monetary measures to prevent recession from turning into depression. But with interest rates still exceptionally low, and the US budget deficit set to widen sharply, effective countercyclical policies may be unavailable, aggravating the next downturn.

The National Debt Clock is a very very large digital display of the current gross national debt of the United States Michael Brochstein/SOPA Images/LightRocket via Getty Images
Woman counts out customer's change Joe Raedle/Getty Images
A view of the Federal Reserve Board of Governors seal BRENDAN SMIALOWSKI/AFP/Getty Images
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