I've been concerned about the obsessive concentration on deficit reduction being increasingly touted by Kerry (and other Democrats.
Sure, the Bush deficits are irresponsible and outrageous. But we don't want to turn ourselves into Bob Dole, now do we? Deficit spending isn't necessarily bad when it's used to invest in productive capacity such as transportation, communications, and education. Moreover, it's useful in fighting recessions.
By the way, according to James Galbraith, deficit reduction is not even likely to produce economic growth today as it did in the 1990s.
Read More