Professor Krugman
@ NYT:
Bad news for Dr. Evil fans: the days of a ONE TRILLION DOLLAR deficit are over. In fact, the deficit is falling fast...
This is not good news — or not unambiguously good news, at
any rate. A deficit falling to probably less than 5 percent of GDP this
year and well below that next year is MUCH TOO LOW for an economy whose
private sector is still engaged in a vicious circle of deleveraging.
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| Clown Shoes? |
Oh, by the way, it is now 26 months since Bowles and Simpson predicted a US fiscal crisis within two years.
