Krugman Bemoans Government Spending Plunge

Alan: Often "common sense" is common like a whore is.

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Fiscal fever breaks. "[A] combination of rising tax receipts and falling spending has caused federal borrowing to plunge. This is actually a bad thing, because premature deficit-cutting damages our still-weak economy -- in fact, we'd probably be close to full employment now but for the unprecedented fiscal austerity of the past three years. But a falling deficit has undermined the scare tactics so central to the "centrist" cause. Even longer-term projections of federal debt no longer look at all alarming." Paul Krugman in The New York Times.