In Praise of Budget Deficits

With the presentation of his 2020 budget, Donald Trump has been getting a ton of grief over the large current and projected future budget deficits. While his budget shows the deficit coming down, this is due to large cuts to programs that middle income and lower income people depend upon, like Social Security, Medicare, and Medicaid. His projections for falling deficits also depend on assuming a faster growth rate than just about anyone thinks is possible. So realistically, we are looking at...