Thu, 31 July 2014
If families have to tighten their belts during hard times, then government should as well. That's easy to understand, even easier to support. It may lead us into recession that borders on depression, but that's unknown except to those who dwell in the Olympian heights.
Towers of ivory have their expert denizens, but their message is difficult, even when the virtue of clarity is attempted. Government should run deficits during hard times, the bigger the better. Government should pay it back during the resulting times of prosperity. That's the way real mainstream economics works.
What politicians don't understand, especially liberal politicians, is that you can't straddle the fence on some policies. The only way folks will vote for a policy they don't understand is if it is working so well it is not worth thinking about.