Hey, Millennials, Do Deficits Matter?

Progressives have said that “deficits don’t matter.” Even a few conservatives have said as much. Some, however, like Speaker Paul Ryan, worry that the sharp recent rise in the national debt could lead to a “debt crisis,” a situation in which there are no painless choices, a situation where we must act, but all of our options will leave us weakened. Call it a fiscal “zugzwang.” If one goes to the Debt to the Penny webpage at Treasury Direct, one can see what the debt is today. And if one looks at the “Go to page” box at the bottom of the chart, types in “39,” hits Enter, and then scrolls down a bit, one can see what the debt was on the day President Obama was first sworn into office, Jan. 20, 2009. On that day the Total Debt was $10.625T and on Oct. 5, 2016 it was $19.688T. So the so-called “total debt” grew by 85.298 percent; it hasn’t quite doubled as some on TV contend. But, if one looks at the...(Read Full Article)