The argument so easily refuted by casual reference to the facts that it takes a doctorate from Harvard (which both Summers and Furman hold) to suspend disbelief in the obvious. 7, “Far from burdening future generations, governments have a golden opportunity to fund long-standing needs by borrowing for investments in future prosperity-the list includes child care, early education, job training and clean water.” Governments will be able to borrow and spend as much as they want for whatever purpose they want, the authors argue in so many words, and interest rates will remain low forever.Īs Washington Post editorialist Charles Lane commented Dec. A much-discussed November 30 paper by former Treasury Secretary Lawrence Summers and former Council of Economic Advisors Chairman Jason Furman suggests that Democratic thinking has veered into the paranormal, with an emphasis on levitation. This should be a concern, but Democratic economists are not worried.
US government debt now stands at $20 trillion, or roughly 100% of GDP. Greetings, and welcome to another Friday LinkSwarm! Looks like I may have to start doing BidenWatch again, given all the stupid things the newly ensconced Biden Administration has been up to…