CBS Relies on Seriously Flawed Economics Textbooks

CBS News had a piece warning its audience about the problems of large government debt. It noted projections of rising U.S. government debt, commenting:

"The only countries with a higher debt load than the U.S. are Portugal, Italy, Greece and Japan. The first three have become synonymous with profligate spending and economic woes post-Great Recession, while Japan's "lost decade" of economic stagnation is a mainstay of economic textbooks."

The first three countries are all in the euro zone. The...