Two sides of the budget deficit debate
In a recession this deep, how much should we be worrying about the budget deficit right now? Commentators Will Wilkinson and Matt Yglesias have different takes on the issue.
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Friday, June 19, 2009
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From Poughkeepsie, NY, 06/19/2009
Yes, we should be concerned about the deficit - the current one and the others - which altogether have produced a substantial debt!
How will this debt be repaid? By whom?
What about future obligations such as SS and Medicare/Medicaid?
We should also be concerned about how the 'stimulus' money is used. How will the 'stimulus' money by repaid? What will happen with those jobs once the 'stimulus' money is used up?
It does not appear that the systemic problems in the US economy are being addressed, and therefore the 'recovery' is doubtful and will perhaps be temporary.
When nearly two-thirds of the economy is based on consumption, and a substantial portion is based on credit, and a substantial portion of the jobs are based on 'services', then the system is inherently unstable.
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