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That the President manages the economy is an assumption (i)_____the prevailing wisdom that dominates electoral politics in the United States. As a result, presidential elections have become referenda on the business cycle, whose fortuitous turnings are (ii)_____the President. Presidents are properly accountable for their executive and legislative performance, and certainly their actions may have profound effects on the economy. But these effects are (iii)_____. Unfortunately, modem political campaigns are fought on the untenable premise that Presidents can deliberately produce precise economic results.
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