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We saw in the chapter opener that during 2013, Congress and President Obama were unable to reach an agreement to avoid the sequester, which involved a series of automatic cuts in federal government purchases. In testifying before Congress, then Federal Reserve Chairman Ben Bernanke said that the sequester "could create a significant headwind for the economic recovery."

a. What did Bernanke mean by a "headwind"?

b. Why would the sequester create a headwind for the economic recovery?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91738619

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