Who says that? Krugman? Define "not a problem".Originally Posted by .blank cd
Its absolutely a problem, more than it ever has been before. We already know what happens when you run things at unsustainable levels , they become bankrupt. You become European countries dealing with ways to reign in things they cant. Anyone who thinks "its not a problem" is not an expert economist in my opinion.
Deficits CAN be run, but not at the level we are running them. You wanna run deficits of 100-400 billion, ok. 1+ trillion and up? NOT POSSIBLE. Not unless you are exploding the treasury every 3-4 years to pay that off, which isnt happening. The INTEREST ALONE ON OUR DEBT will surpass 700 billion a year by 2016?
National Debt has increased more under Obama than under Bush - Political Hotsheet - CBS News
Thats CBS, not exactly a Right Leaning thinktank.
Rising national debt accounts for more tax revenues for EVERYONE to have to pay that off. It directly effects YOUR interest rates on your credit cards, home loans, etc. Obama isnt the first one to run up deficits, but hes done nothing but run them up FASTER than anyone else in history. What we have gotten for our spending is terrible. Stagnate economy, 8% UE, higher food prices, stagnate housing market, etc. Nothing has worked and we keep spending.
And we are suppose to blame this all on 100 billion or less in tax revenues from the top 1-2%? gimme a break.
Both sides are engaged in bullshit rhetoric that needs to end.
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