Deficit Disorder

Megan has a post about deficits that shows alarmingly good sense. Many of the comments are excellent too. Here’s my bottom line:

  • The spending planned by the Democrats could indeed tip us over the edge with dire economic and moral consequences.
  • But other countries may be in even worse shape – so don’t start packing yet.
  • Most countries are unwilling to address the underlying issues until the problems get really severe. See Canada. Some never address the problems at all. See Japan.
  • Most of what most politicians say on the subject is complete balderdash. Neither political party offers much hope.
  • And the deficits may not be our biggest problem! We could theoretically grow our way out of this mess, but politicians seem fixated on minimizing growth to address “serious” issues like climate change.

Sorry to be so cheery.

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