December 16, 2012 at 09:24 AM EST
Building a Stairway to Heaven
In the early 2000s Paul Krugman was outraged by the Bush administration’s fiscal deficits, and rightly so. Bush ran sizable deficits during the 2001 recession, which is appropriate. And those deficits raised the ratio of public debt to GDP, which is also appropriate. But what Bush failed to do is pay off those debts during [...]
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