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It's the Economy

The New York Times says that Fed chief Ben Bernanke testified yesterday about the "danger posed by looming deficits in Social Security and Medicare. 'The longer we wait, the more severe, the more draconian, the more difficult the adjustment is going to be,' Mr. Bernanke said…'I think the right time to start is about 10 years ago.'"

While more people have a positive outlook on the economy since 2001, the Bloomberg/Los Angeles Times poll finds that an increasing number believe free trade has actually hurt the economy. "The fraying pro-trade consensus may give support to newly empowered Democrats in Congress, many of whom want to retreat from the free-trade position established by former President Bill Clinton, political analysts say."