Word: braked
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Dates: during 2000-2009
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...years ago, it still accounts for 40 percent of our energy use, and last year - when prices were depressed - it accounted for some 14 percent of our GDP," says TIME senior business writer Bernard Baumohl. "So the trebling of the oil price could very well act as a brake on economic growth, by slowing down consumption. When the price at the pump climbs to $1.80 or $2 a gallon, that eats into the amount of money households have to spend on other things...
...news. In the post-cold war world, their new Wall Street buddies informed them, you couldn't pump government money into the economy and watch it spring to life because the bond market, punisher of fiscal indiscipline, would force up interest rates and slam its foot on the brake. Bill Clinton adapted; he cut spending and the deficit, thus handing over the economic reins to Alan Greenspan. Not a bad strategy, except that honest liberals must now admit that inequality is greater, the safety net is thinner, and capitalism is fiercer after two terms of Democratic occupancy of 1600 Pennsylvania...