Tuesday, January 3, 2012

America does not have a debt problem

You can take my word for it, or you can take a Nobel Prize-winning economist's word for it:

If your image is of a nation that’s already deep in hock to the Chinese, you’ve been misinformed.

All we need to do is nothing; let the Bush tax cuts expire, and we'll be OK. Of course, actually raising taxes and spending the money on public infrastructure would be even better. You know, like we did between WWII and Reagan.

Reagan was never about cutting taxes to raise growth. Reagan was always about cutting taxes to cut transfers to undeserving people. Welfare queens and all that. And now, 30 years later, it turns out the definition of undeserving person has been redefined to mean not a hedge fund manager.

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