The Peter Peterson Gang and the Shameless Deficit Hawks

It is more than a bit painful to see the media all turn to the Peter Peterson financed Committee for a Responsible Federal Budget (CRFB) as the experts on budget deficits right now. We can argue over whether the Republicans are pushing too far with their deficits when the economy is near full employment, but one thing that is not arguable is that we had needlessly austere federal budgets for the last decade.

While the austerity was largely attributable to the Republicans in Congress, who had...