[ExI] Debt tsunami

[Damien Sullivan]

On Tue, May 05, 2009 at 09:59:18PM -0400, Rafal Smigrodzki wrote:

> >> ### Or translated: A 21% increase (i.e. the "change") in budget
> >> deficit over politics as usual after only 100 days in power. And a
> >> projected deficit of 9.270 trillion (yes, trillion, not billion) by
> >> 2019.

It does not say a projected annual deficit of $9 trillion.  That's a
"total deficit" over ten years, what's normally called debt.

As for the horrible crisis, raising taxes to the effect of another 5% of
GDP would give is surpluses.

> ### Has anybody ever shown a deflationary wage-price spiral in real
> life? This is some sort of Keynesian bugaboo they cooked up from

Great Depression.  Japan.  Krugman's babysitting co-op
http://www.slate.com/id/2202165/

-xx- Damien X-)