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America's downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country's eroding economic strength and global standing. It renders urgent the need to regain the initiative through better economic policymaking and more coherent governance.

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It wouldn't be fair to say that conservatives cherish property the way liberals cherish equality. But it would be fair to say that the takings clause is the conservatives' recipe for judicial activism just as they say liberals have misused the equal protection clause.