The American Empire in a Changing World


Sunday, November 25, 2012

''Do Deficits Matter?''

From GoldNews

''THERE ARE the dumb US deficit deniers, writes Daily Reckoning founder Bill Bonner, and then there are the smart US deficit deniers. 

Anatole Kaletsky is one of the smart ones. But even the smart ones make us wonder.

Do deficits really matter? Dick Cheney said they didn't. Apparently, Ronald Reagan didn't think they mattered. Today's big federal debt got its first big growth spurt during Reagan's first term.

And here comes Kaletsky with a prediction. When the Republicans realize that the only way they can cut the US deficit is by raising taxes, they won't think deficits matter either.''

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