Wednesday, February 08, 2006

Why Deficits are Not Good

From Slate: "This week, the White House released its 2007 federal budget, which projected a shortfall of $423 billion for the current fiscal year. The good news: Budgeters predict diminishing deficits in years ahead, even while accounting for extending the Bush tax cuts. The bad news: For those forecasts to come true, Iraq will have to turn into Canada next year, Afghanistan into Sweden, and Congress into an order of mendicant monks.

If we deficit hawks have failed to generate enough alarm to motivate action, it may be because our metaphors have gotten stale. Running a deficit isn't so much like shooting yourself in the foot, which hurts immediately. It's more like smoking, drinking to excess, and not exercising. It will in fact kill you—just not tomorrow."

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