“And the lesson of the last six years is that the Democrats shouldn’t spend political capital trying to bring the deficit down. They should refrain from actions that make the deficit worse. But given a choice between cutting the deficit and spending more on good things like health care reform, they should choose the spending.”
Lots of folks saying that Krugman has changed his views (check out all the gotcha’s in this video). I have to say, though, that I agree with the Kman in this instance…paying down the deficit in the 90′s should not be compared without context to paying down the debt today. Furthermore, I think he has usually made the case that paying down the deficit should not be considered in a vacuum that ignores the opportunity cost of paying off debt instead of other national priorities.
I will say, however, that I really liked not hearing one mention of the sequester in this short clip.
I’m glad to see you’ve started blogging. We should be especially wary of those debt models that project decades into the future. The debt level in 2050 will mainly be determined by the policies of the 2040′s. Let’s focus on the problems of this decade and not pretend like we can bind the hands of Congresses after most of us are dead.
Could not agree more
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