Posted by: Jeff | May 12, 2010

The Budget Deficit: Bad, But Not THAT Bad

Since Joe and I have gone on the record several times over as budget deficit worrywarts, it’s worth linking to this Paul Krugman post (via Ezra Klein) that compares our fiscal situation to that of Greece.

The attitude amongst the Tea Parties and the Right tends to be that we’re in existential danger, so we just need to start cutting programs willy-nilly and nevermind the moral costs or human suffering that will ensue. But in comparison to a country like Greece, which really is facing fiscal armageddon as we speak, America’s deficit problem remains manageable. If we’re smart, methodical, and willing to take a deep calming breath before proceeding, we can unwind it in a way that is both effective and humane.


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