A quiet revolution is happening in economists’ understanding of deficits and debts, with Democrats abandoning many of their concerns about long-term spending pressures and Republicans clinging to a queasy yes-for-us, no-for-you position on deficit spending. That revolution is a complicated one, driven by falling interest rates and by the changes to demographics, private saving, corporate behavior, monetary policy, and global investment flows behind them. But fiscal responsibility means something different today: Stop worrying and learn to love red ink.
A number of lessons have emerged from the past decade. The first and perhaps most important is to run a deficit. Or, put more technically, the United States should abandon the goal of balancing its budget when the economy is good, and it should run deficits, sometimes large deficits, in perpetuity. […]
THREE OTHER ARTICLES WORTH READING
“All historical writing, even the most honest, is unconsciously subjective, since every age is bound, in spite of itself, to make the dead perform whatever tricks it finds necessary for its own peace of mind.” ~~Carl Lotus Becker, The Heavenly City of the Eighteenth Century Philosophers (2003)
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At Daily Kos on this date in 2005—Stuart Taylor’s Credibility Gap on ScAlito:
In the Bush Administration pushback on ScAlito (he has taken some major hits already), the “outside the White House” pushback is being led by Conservative shill Stuart Taylor (I use “shill” deliberately here because too many people want to treat Stuart Taylor as some nonpartisan. His dishonest work on Monicagate, when he failed to disclose his ties to Kenneth Starr tells you all you need to know about his credibility).
It is important to understand who and what Stuart Taylor is because I suspect he will be leading the Conservative charge on ScAlito in January. And what line is Taylor shilling now for the Wingnuts? That the “liberal media” is unfairly labeling ScAlito as a conservative ideologue with credibility problems.
Of course, coming from a shill like Taylor, the facts have little room in his argument.