Robert Samuelson Doesn't Like Budget Deficits

He again used his weekly Washington Post column to tell us this. Somehow, our budget deficits are supposed to be a "high-stakes gamble," although he really has no explanation as to how or why.

The standard economics story on why deficits are supposed to be bad is that they lead to high interest rates, thereby crowding out investment and slowing growth. Alternatively, if the Fed is lax and offsets the impact of the deficit by printing money, then the deficits lead to high inflation.

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