Wednesday, August 3, 2011

What a Difference

Yes, the budget deal of July 2011 is a step.

Yes, it probably is a step in the right direction.

Is it a big step? It depends on the scale:


I am not a believer that the target should be zero debt, so I am not advocating a policy that takes us to the bar on the right.

But, this does seem to be the desire of many people, so it’s useful to get a sense of scale: clearly the “huge” budget deal is not nearly huge enough.

Via Alex Tabarrok at Marginal Revolution.

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