Debt and Deficit Spending
It's not the mushroom cloud that deficit hawks are claiming it to be. We were promised an economic collapse if we passed the stimulus. It didn't happen. We were told that the bond market would punish us for our profligate spending. It never happened. We were told that all sorts of horrible things would happen if we didn't reign in our spending now! Now! Now! But none of them happened. On the flip side, we were told that our recovery would be stalled if we started cutting our spending during a market contraction. That happened. We were warned of a "lost decade" similar to what Japan experienced if we followed Japan's economic policy during their market contraction. That's happening now. We were warned that high unemployment was going to become the new normal, and that wages would be driven down with the effect of further decreasing demand and cooling the economy. That's also happening now. Unemployment is fal...