Viper1 on 02 August 2011
The problem here is context. And Niskanen apparently has none.
Look a the difference in deficit as a percentage of GDP.
Look at the difference in the percentage of the budget that must be borrowed per year.
Look at the value of the short term T-bonds due in principle in 2 years now vs then.
Look at the difference in debt to budget ratio then and now.
I wouldn't have voted for the increases back then but certainly not now. For a former economic adviser to say the context then is the same as it is now is to admit he's not a very good adviser.
The rEVOLution is not being televised
