I have wondered for the last two years or so why so much damned emphasis has been on federal debt -- not the deficit, but the debt. While I'm not so sure where the push-to-exclusion-of-all-else for austerity came from, this piece from Paul Krugman is the most thorough explanation of why it does not matter nearly as much as the debt Chicken Littles make it out to be.
Nobody Understands Debt - NYTimes.com
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