TYO - Yes We Should Fear Budget Deficits
By Brian Riedl
In Foreign Affairs, economists Jason Furman and Lawrence Summers take on "deficit fundamentalists" and assert that "it's time for Washington to put away its debt obsession."
To which even casual observers may respond, "what debt obsession?"
In the past two years, the President and Congress have enacted $2.5 trillion in tax cuts and another $2.5 trillion in higher discretionary spending (assuming both are fully extended over the decade). Annual budget deficits are about to surpass $1 trillion and are on their way to $2 trillion within a decade. The national debt