Friday, August 19, 2011

Super Duper Committee

I don't know how effective this will be, but it's just insane that anyone thinks 'lowering the deficit' is an important policy goal in and of itself. More jobs and/or higher GDP growth with broadly distributed gains are policy goals. Lowering the deficit, in normal times, might be a way of achieving those goals. In the middle of a long deep recession, the best you can say is that it's idiotic.