Thursday, May 13, 2010
Deficits pose "zero" danger. Really?
Don't quite understand the logic of this. Here's the money quote from Ezra Klein's Washington Post blog interview with economist James Galbraith:
Government does not need money to spend just as a bowling alley does not run out of points.
Really? The last time I checked, a bowling alley has expenses to meet. If it doesn't pay those expenses,it goes out of business. But I guess some don't expect the government to abide by the common sense rules of budgeting and finance, do they?
Instead, they apparently have an endless supply of "points" to hand out whenever needed. Fascinating.
