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View Diary: Ryan's Follies: A Crushing Burden of Public Debt (36 comments)

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  •  Right, but (2+ / 0-)
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    Calgacus, Ian S

    deficits are not good bad in themselves. Clinton's surpluses weren't good for the economy. They destroyed private sector net financial assets, and his prosperity had to be carried by the  dot com/real estate debt bubble of that time. Bush inherited a recession from Clinton, which were partly met with deficits from the automatic stabilizers and later from Bushes tax cuts and deficit spending. The economy under him was never great however, because nothing "trickled down." Then came the collapse, which is what caused the big deficit in Bush's last year. That deficit wasn't good because it was a passive one caused by the collapse, the decline in tax revenue and the automatic stabilizers. Obama's first deficit was better because a lot of it was caused by measures designed to stabilize the economy. But it was too small to restore full employment. The deficits we have today are keeping us afloat, but they're too small and undirected to enable full recovery. They're also very much due to Republican refusal to legislate jobs programs.

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