Been a while since I saw two guys that are apparently
on the same side of things arguing with each other so
Krugman is a total left wing loon. As Doug pointed out,
he was harping big time on deficits during the Bush
years that were an order of magnitude smaller than
those today. Yet now deficits don't matter because
we owe the money to ourselves? Besides the fact
that a lot of US debt is not owned by US citizens, it's
just crazy that anyone, let alone an economist, would
say that it's OK to spend recklessly today and rack up
debt as long as you just borrow it domestically.
Ultimately those debts become a serious drag on
the economy as they are paid back, or else they
are not paid back, either through default or inflation.
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