Friday, December 14, 2012

Quote of the Day - Paul Krugman Edition Part Two

‎"We are not having a debt crisis. It’s important to make this point, because I keep seeing articles about the “fiscal cliff” that do, in fact, describe it — often in the headline — as a debt crisis. But it isn’t. The U.S. government is having no trouble borrowing to cover its deficit, No, what we’re having is a political crisis, born of the fact that one of our two great political parties has reached the end of a 30-year road."

Paul Krugman of The New York Times

So as long as we can keep borrowing, spending isn't a problem according to this lunatic.  The CBO estimates that the U.S. will be paying $778B in interest alone by the year 2020.  3.4% of GDP  

No problem whatsoever.  

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