Sunday, January 24, 2010
Obama endorses deficit task force
Obama is endorsing a deficit task force that will be charged with the job of coming up with suggestions on how to reduce the deficit.
Rather than focus on deficit reduction, which will, without question, mean lower output and higher unemployment for years to come, the president could have simply shown the public and his entourage of deficit hawks this simple chart below, which shows that the deficit is still tiny compared to the 1940s.
Then he could ask his deficit hawk friends why that deficit didn't "bankrupt" the United States? And if they're really up to the challenge he could follow that question with, why did we experience an enormous surge of prosperity following that deficit?
Finally, he could show the public--many of whom are without jobs--a very graphic explanation of why it is necessary to increase the deficit to get us back on the road to prosperity. Duh!!