Krugman: How Do I Love Spending Your Money? Let Me Count The Ways

Huh? Is overall government debt increasing or decreasing, Ricter?

 

I can't seem to get a chart to display properly. Just google: "us government debt as a percentage of gdp by year" to see our debt load over time.

 

I don't have to google it. I know the chart very well. With the exception of World War II we're at the highest point in our nation's history, and that is without including unfunded liabilities like SS and the GSE's.

So what is your point? That this doesn't matter? It doesn't matter that we're pushing 100% debt/GDP ratio without the above exclusions, and that we'll be there pretty damned quick? And that we're doing this on the back of artificially suppressed interest rates that will only get worse and make the interest burden more painful down the line (assuming we don't decide to print ourselves into oblivion until burst)?

You think this is all sound fiscal policy?

 

I think if the past is any guide, we may very well weather this latest storm.

 

And I think you're just as wrong as Krugman.

 

By the way, our debt load was even worse (than after WWII) after the Civil War.

 

Perhaps, but that's relevant how? Unless you're going to try to make the argument that Financial markets are- in any way - comparable now to the Civil War period...

 

(CNSNews.com) – Senate Minority Leader Mitch McConnell (R-Ken.) defended his decision to block fellow Republican Ted Cruz’ (R-Tex.) threatened filibuster of a bill to raise the nation’s debt ceiling that contained no spending reduction concessions from the White House.

- See more at: http://cnsnews.com/news/article/bar...ebt-limit-my-job-protect#sthash.uWgPecIA.dpuf

Isn't Kentucky somewhat known for inbreeding? It's the only explanation I can think of to explain why McConnel keeps getting re-elected.

 

I don't think he'll be re-elected this time. Either Bevin will beat him in the primary, or the democrat will beat him in the election.