On the recordJuly 25, 2011
But one ironic effect would be to make the private sector much, much smaller. Therefore, government as a share of GDP will become bigger while GDP was getting smaller.
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congress.govMike Johnson: “But one ironic effect would be to make the private sector much, much smaller. Therefore, government as a share of GDP…”
Editor's note · Context
Johnson explains that a default could paradoxically increase government size relative to a shrinking economy.
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