Krugman Sends 'Deficit Scolds' Straight to Hell

Jon N. Hall
New York Times columnist Paul Krugman comes up with quaint little terms for those who dare to disagree with him.  (One charming example is "confidence fairies.")  The term Mr. Krugman uses for those concerned about the federal deficit is "deficit scolds," and he thinks them quite misguided.  In his recent column "Fighting Fiscal Phantoms," Krugman writes: For we have our own currency -- and almost all of our debt, both private and public, is denominated in dollars. So our government, unlike the Greek government, literally can't run out of money. After all, it can print the stuff. So there's almost no risk that America will default on its debt -- I'd say no risk at all if it weren't for the possibility that Republicans would once again try to hold the nation hostage over the debt ceiling. First, if Republicans were to resist raising the debt ceiling, there would still be enough money coming into the treasury to cover debt obligations.  So we wouldn't default...(Read Full Post)

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