Thursday, February 28th, 2013
Stephan: I thought this was well understood; the data is certainly out there. But, the other day, I had a conversation with two men at the gym, and realized this was not the case. Then I saw a survey showing that 90 percent of Americans think the deficit is either the same or growing. This report puts it at 94 per cent. So here is an accurate data based assessment of the deficit.
We need to quit worrying about the deficit and start worrying about rebuilding our infrastructure. There are parts of the United States that are now second world. We have become like the living room of an elderly couple who last decorated 50 years ago. You may know such rooms.
We are living on the gift bequeathed to us by our parents, the veterans of World War II. It is their bridges, their railroad tracks, their trains, their water systems that make our lives possible. But the gift is of the physical world, and it has worn out.
Meanwhile the nations that are our peers, are moving out of carbon and nuclear energy. Their mobile nets, their internet are orders of magnitude better than ours. On my island there are spots that have no coverage. Rebuilding will create millions of jobs, just as it did in the post-war period. It will lead to a far more successful healthful outcome.
Click through to see charts.
There is no deficit problem. The deficit is down 50 percent as a share of gross domestic product just since President Bush’s fiscal year 2009 deficit and is falling at the fastest rate since the end of World War II. Yet the Washington debate is about how and where to cut us back into recession. Why?
Congress should just repeal the sequester – we don’t need it. We have 10 years to fix the long-term deficit situation. We should not be stampeded by deficit-scare propaganda and instead take the time to carefully consider the right approach. That way we won’t make the mistakes that Europe is making.
Deficit Falling
Once again, because it might be hard to register due to the drumbeat of deficit-scare propaganda, this is a fact: the deficit is falling at the fastest rate since the end of World War II. It is down 50 percent as a percent of GDP just since Bush’s huge $1.4 trillion fiscal 2009 deficit. And the deficit is projected to be stable for a decade.
All of that means that no, we do not have a ‘deficit emergency,