Paul Krugman:
?Deficit-worriers portray a future in which we?re impoverished by the need to pay back money we?ve been borrowing. They see America as being like a family that took out too large a mortgage, and will have a hard time making the monthly payments.This is, however, a really bad analogy in at least two ways.?
Krugman's column from today's New York Times is the simplest five-minute explanation of the US debt I've seen. His Nobel Prize was in economics, but his skill is in explaining the complex in everyday terms.
Source: http://feedproxy.google.com/~r/BazingaJournal/~3/AjQHtUrpIb0/national-debt-simply.html
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