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Notes to myself, possibly of interest to others.
-- Bill Northlich

Friday, August 6, 2010

Pick your "waste"

While the focus for the moment is on public-sector waste, that waste pales in comparison to the waste of resources resulting from a malfunctioning private financial sector, which in America already amounts to trillions of dollars. Likewise, the waste from not fully utilizing society’s resources – the inevitable consequence of not having had such a quick and strong stimulus – exceeds that of the public sector by an order of magnitude....

Deficit fetishism never makes sense – the national debt is only one side of a country’s balance sheet. Cutting back on high-return investments (like education, infrastructure, and technology) just to reduce the deficit is truly foolish... Indeed, if one is concerned with a country’s long-run debt, as one should be, such deficit fetishism is particularly silly, since the higher growth resulting from these public investments will generate more tax revenues.
Bill:  The focus "for the moment"?  What about the Outlaw Josey Wales Paul Ryan?

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