Daily Kos: Krugman: Dwindling Deficit Disorder:
by rss@dailykos.com (teacherken)
People still talk as if the deficit were exploding, as if the United States budget were on an unsustainable path; in fact, the deficit is falling more rapidly than it has for generations, it is already down to sustainable levels, and it is too small given the state of the economy.
that's from the 2nd paragraph of
Dwindling Deficit Disorder, Paul Krugman's powerful
New York Times column this morning, which I strongly urge you read. As he says in the paragraph immediately before,
A few lonely economists have tried from the beginning to point out that this fixation is all wrong, that deficit spending is actually appropriate in a depressed economy. But even though the deficit scolds have been wrong about everything so far — where are the soaring interest rates we were promised? — protests that we are having the wrong conversation have consistently fallen on deaf ears.
As is usual with Krugman, he supports his assertions with irrefutable data and presents it with a clear command of effective phrasing.
