"Given the state we’re in, it would be irresponsible and destructive not to kick that can down the road. Start with a basic point: Slashing government spending destroys jobs and causes the economy to shrink. The point, again, is that now is very much not the time to act; fiscal austerity should wait until the economy has recovered, and the Fed can once again cushion the impact.
But aren’t we facing a fiscal crisis? No, not at all. The federal government can borrow more cheaply than at almost any point in history.
Meanwhile, we face the imminent threat of severe economic damage from short-term spending cuts. So we should avoid that damage by kicking the can down the road. It’s the responsible thing to do."
Ok, it's no surprise what the Village Idiot wants to do. Spend! More! Deeper in Debt! Must revive the Animal Spirits!
Fine, whatever. There is no sense in arguing with a fool. How about another trillion-dollar stimulus package? Let's have a national lottery, and give $1 million each to 1 million people.
We can't hit that wall fast enough as far as I am concerned. My theory is that we have about $3.4 trillion leeway before things start to change. Let's burn through it.
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