THE FIGHT OVER DEFAULT IS A FIGHT OVER THE “NEW NORMAL.” “Notwithstanding huge changes over time in economic, social, and political conditions, growth in real gross domestic product (GDP) per capita has fluctuated fairly closely around an average annual rate of approximately 2 percent. Looking ahead, however, there are strong reasons for doubting that this historic norm can be maintained. . . . The Republican Party may be frustrated by its inability to halt the growth of the welfare state. But congressional Democrats will probably soon find themselves equally frustrated by their inability to get voters to pay for it.”