As the late economist Herb Stein always used to say, trends that can’t continue don’t. This is widely known around Washington as Stein’s law. While obviously true, however, it tells us nothing about how or when unsustainable trends will end. Consequently, every time some “crisis” occurs that appears to be related to an allegedly unsustainable trend, everyone quickly leaps to the conclusion that this is the beginning of the end.
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