Sunday, November 4, 2012

The National Debt and Our Children: How Dumb Does Washington Think We Are?


“The fixation on the debt certainly cannot be justified by any objective standard. Clearly the most pressing economic problem facing the country is the tens of millions of people who are unemployed or underemployed as result of the collapse of the housing bubble. These people and their families are seeing their lives ruined due to a monumental failure by policymakers.

Furthermore, it is easy to show that the large budget deficits of recent years are entirely the result of the economic collapse. If the economy were back near full employment, the deficits would be relatively small as was the case before the collapse. Yet it is the deficits and debt that dominate news reporting and debate questions, not the overall state of the economy.”

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