It’s hard to hear yourself think over all the
caterwauling on Capitol Hill about the looming sequestration
“crisis.” For opponents of the spending cuts—at $85 billion, 2.3
percent of the $3.6 trillion federal budget—the rallying cry is
half Lord Keynes, half St. Augustine: “Grant me chastity and
continence—but not yet.”
But as Gene Healy explains, the time for a little fiscal
continence has long since arrived. Economists have found that when
a country’s debt-to-GDP ratio surpasses 90 percent, you see slower
economic growth; we’re currently above 100 percent. View this article.
Original article:
Gene Healy on the Looming Fiscal Tsunami
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