During the first two decades of the 21st century, public spending cuts, weakened economies, and industry offshoring contributed to a decline in employment, thus reducing taxes bases and minimizing capacity to provide social safety nets.

Question

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This statement is true. The global economic situation during the first two decades of the 21st century was characterized by public spending cuts, weakened economies, and industry offshoring. These factors contributed to a decline in employment and reduced tax bases, which in turn minimized the capacity of governments to provide social safety nets.

During the First Two Decades of the 21st Century, Public