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Tuesday update: Frum argues the debt ceiling debate was a strategic error; Calhoun sees global contraction; Kudlow links the President’s tax hike talk to the market dive.

From CNN, David Frum argues Republicans have made a strategic error focusing on debt rather than growth and jobs

On Alhambra Investment, Joe Calhoun reports contractionary pressures across the world.

At Asia Times, David Goldman suggests declining consumer confidence is behind the market sell off.

On The Kudlow Report, Larry Kudlow links the President’s return to tax hikes today to the market dive:

MarketWatch notes that corporate profits are at record levels while family incomes are falling (h/t: David Goldman).

At last week’s WSJ, Gerald O’Driscoll suggests the Federal Reserve’s emergency lending provision has made it an unelected player in fiscal policy.

From The Washington Times, Richard Rahn worries about growth of government.

On The Daily Caller, Brian Wesbury defends the Tea Party from The Wall Street Journal’s criticism.

On Kudlow, David Goldman argues stocks are cheap:

On International Liberty, Dan Mitchell explains that raising taxes will be on the table in the fall’s second debt debate.

From Project Syndicate, Harvard’s Kenneth Rogoff advocates inflation to fix the economy.

At COAL, Paul Krugman notes low inflation numbers.

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