"A big part of why the U.S. economy is doing better than Europe's is precisely because we did not switch to rapid austerity," said Christina Romer, a former economic adviser to President Barack Obama. The best way to cut the deficit is to limit long-term growth of entitlements, rather than imposing spending cuts that reduce immediate growth, she says. "That is a trade-off which both Mr Obama and the Republicans would be wise to make," according to The Economist.

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