As a new database from the Federal Reserve Bank of Minneapolis helpfully shows, (see Free Exchange), the percentage decline so far in this recession is exactly equal to the median decline at this stage of the ten post-war recessions.

ECONOMIST: America's economy

The Office of Science, which funds critical early-stage energy innovation research, would see a 20% decline in its budget.

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However, a weak rally, especially on a resolution of the debt-ceiling debate, is likely to set the stage for a further decline.

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Thus, those states claiming that they are cutting fat and waste are actually setting the stage for the impoverishment of their citizenry and a long-run decline in the revenues available to pull themselves back out of this hole.

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