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Here’s a good NBC nightly news segment on the deficit problem that is a lot like a mini-version of IOUSA the movie. My boss Bob Bixby is in it.
Former White House and Obama campaign adviser David Axelrod challenged Bob Woodward over the recent flap between him and White House adviser Gene Sperling, repeatedly questioning Woodward on whether he really felt "threatened."
You're probably tired of hearing me say that extending unemployment benefits -- and similar forms of temporary, targeted fiscal stimulus -- is neither here nor there so far as the deficit is concerned. But maybe you're not tired of hearing Diane Lim Rogers, an economist with the deficit-obsessed Concord Coalition, say it:
Former GOP VP nominee and budget superstar Paul Ryan will unveil a plan tomorrow morning that will, according to him, balance the budget within 10 years. He has a new op-ed in the WSJ this evening laying out his vision in broad swaths, but we must warn you, it's very broad. There are no real details in the op-ed.
By James Kwak
By which I do not mean to say it is not a problem. As Paul Krugman reminds us,
“If bond investors start to lose confidence in a country’s eventual willingness to run even the small primary surpluses needed to service a large debt, they’ll demand higher rates, which requires much larger primary surpluses, and you can go into a death spiral.