Deficits seem to be on everyone’s mind. A lot of different takes floating around, mostly similar, but the political conjecture remains unchanged. Nevertheless, it’s nice to see someone like Jamie Galbraith go in front of the Commission on Deficit Reduction and tell them where to stick it:
We can conclude that there is actually no economic justification for the target of reducing the primary deficit to zero by 2015 or any other date. The right economic objectives are to meet real problems, not those conjured from thin air by economists. Bringing about a rapid end to unemployment, caring properly for an aging population, cleaning up the Gulf of Mexico, coping with our energy insecurity and with climate change are all far more important objectives than reducing a projection of future budget deficits.
Of course, his testimony contains a lot more truth, so read the whole thing if you need any clarity on the issues at hand.