Biden’s Chief Economist: The Chart That Convinced Me Our Debt Is a Serious Problem — from nytimes.com by Jared Bernstein; this is a gifted article. Americans need to read this.
Budget hawks have fretted for decades about America’s deficits and debt, repeatedly advising our government to embrace greater fiscal austerity. And for just as long, budget doves — myself included — fought this narrative, repeatedly arguing that austerity often does more harm to our economy than good.
No longer. I, like many other longtime doves, am joining the hawks, because our nation’s budget math just got a lot more dangerous.