This morning, I appeared on Tom Ashbrook’s radio show, along with Paul Krugman and Stan Collender. I wish there had been more time to explore Paul Krugman’s very important point that one sector’s deficit spending becomes another sector’s surplus. This is a core point that we make all of the time on this blog. Cutting the deficit cuts the non-government surplus dollar-for-dollar. So any plan to cut $4 trillion in deficit spending is a plan to reduce the non-government surplus by $4 trillion. The ordinary American will gleefully support deficit reduction (as polling shows), but I’m confident that you’d get a very different reaction if you asked them whether they support cutting their own surplus by trillions of dollars. Almost no one recognizes that the former implies the latter.
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