02 Jun 2009

A Slight Twist on Yglesias’ Defense of Massive Deficits

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Bob Roddis tipped me off to this Yglesias post defending the massive spending contained in the Obama forecast:

[B]y definition some level of deficits has to be “the biggest deficit since World War II.” What we have right now is the most [severe] global downturn since World War II. That seems to me like a perfectly reasonable candidate for biggest deficit since World War II. What would be a better time?

A “better time” for the government to borrow $1.8 trillion would be a year in which Americans were awash in surplus savings, and had just discovered that their homes and stock portfolios were worth twice as much as they thought only two years in the past.

Hey I can play this game too. I think we should round up 85% of all Japanese Americans into internment camps. Can you guess why?

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