As of Tuesday, June 4, 2013
© Copyright 2013
Gwinnett Daily Post
I appreciate Richard Bane's thoughtful dialogue about Eugene Robinson's column ("Too Juvenile to govern, May 31, 6A.).
So how is the deficit more manageable if it adds to itself, just at slower rates? It becomes more manageable as long as the growth of the debt is less than the growth of the economy.
Driving for even lower growth in the deficit at this time is self-destructive because it lowers "demand" that drives job growth. Driving for lower debt will become an appropriate goal once we get the economy on a stronger footing, with a greater number of people re-employed.
On the other hand, sequestration will account for a loss of 700,000 jobs this year. This exacerbates the deficit problem by preventing those and others from contributing to the growth of the economy, making it harder for us to manage the debt that, in the short-term, fuels our return to a stronger economic position.
-- Brad Burns