On Sunday, George Will claimed that with our current reliance on deficit spending, "we're apt to be spending in 10 years $700 billion a year servicing our debt." And this huge sum takes into account "unreasonably cheerful assumptions about economic growth and interest rates."
$700,000,000,000 a year is a lot more than what I pay my thieving credit card company in finance charges in a year. (More about Bank of America in a future post.) But the economy of the United States is almost unimaginably larger than my household finances. According to Paul Krugman, this difference is key in thinking about deficit spending. Read about it here.
Republicans are suddenly raising the alarm about deficits. (It is obvious why they waited until after Bush left office to do this.) If you consider the huge figures in their proper context, it is more likely that you'll keep your head. Republicans have an ulterior motive for trying to scare you: republicans have a history of growing deficits in order to pressure the president and Congress to shrink the size of government. But that is a topic for another post.
Monday, November 30, 2009
Subscribe to:
Post Comments (Atom)
Search This Blog
Followers
What I'm Following
-
-
-
-
-
-
the best laid plans1 year ago
-
-
-
-
-
This feed has moved and will be deleted soon. Please update your subscription now.3 years ago
-
Believe4 years ago
-
Search4 years ago
-
-
The Blog Moves On6 years ago
-
Our Home7 years ago
-
Soup has moved and improved!!!8 years ago
-
-
-
-
Announcing INSIGHT at Skeptic.com10 years ago
-
-
-
-
For your further edification and amusement
- Catan
- Collative Learning: Film Reviews and Analysis by Rob Ager
- DGM Live
- Gospel of Inclusion
- Green Party of the United States
- Mystery Science Theater 3000
- Pandora Radio
- Prog Archives
- Rip Rowan, "Over The Limit"
- Skepticblog: Ten Major Flaws of Evolution: A Refutation
- Slate Magazine
- Slayage: The Online International Journal of Buffy Studies
- South Park Studios
- Stanford Encyclopedia of Philosophy
- Star Trek
- Teeccino
- The Baseball Scorecard
- The Onion
- The World's Biggest Pac-Man
- Turn Me Up!
It is wrong always, everywhere, and for anyone, to believe anything upon insufficient evidence. ---W.K. Clifford
Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason, than that of blind-folded fear. ---Thomas Jefferson
Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason, than that of blind-folded fear. ---Thomas Jefferson
No comments:
Post a Comment