Columnist E. J. Dionne writes in the Washington Post that the debt doomsayers are wrong and we should focus on promoting economic growth.
Only if you believe that deficits mean the end is near can any of this be
justified. Sen. Mitch McConnell, the Republican minority leader, perfectly
encapsulated the effort to diminish the importance of all else (including
growth) when he declared recently that “deficit and debt” constitute the “transcendent issue of our era.”
No, it’s not. As Bruce Bartlett, the bravely dissident conservative economics
specialist wrote a few days ago: “In fact, our long-term deficit
situation is not nearly as severe as even many budget experts believe. The
problem is that they are looking at recent history and near-term projections
that are overly impacted by one-time factors related to the economic crisis and
massive Republican tax cuts that lowered revenues far below normal.”
Monday, January 28, 2013
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