Do you remember the great deficit bugaboo? Where a certain party (you know, the Chicken Little one) kept screaming that the deficits would ruin America? Which continued through the next Presidential election? 
If you’d check my blog, I clearly stated the facts. That the deficit only looked overwhelming because our economy was in free fall. (As I quoted Ben Bernanke yesterday, the 2008 recession (aka ‘the Great Recession’) was far worse for the economy than the Great Depression. And, now that our economy is recovering (although wage rates have not done so), our deficit is no longer a problem. (Don’t even think that the “fixes” offered by Congress made a difference- they won’t kick in for a few more years, yet.)
Continue reading What Austerity Really Brings
