January 28, 2009

WHAT DEBT?:

The Big Fix (DAVID LEONHARDT, 2/01/09, NY Times Magazine)

Surprisingly, the debt that the federal government has already accumulated doesn’t present much of a problem. It is equal to about $6 trillion, or 40 percent of G.D.P., a level that is slightly lower than the average of the past six decades. The bailout, the stimulus and the rest of the deficits over the next two years will probably add about 15 percent of G.D.P. to the debt. That will take debt to almost 60 percent, which is above its long-term average but well below the levels of the 1950s.

Yet the valetudinarians are always with us.

Posted by Orrin Judd at January 28, 2009 3:29 PM
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