National Public Radio Makes Stuff Up to Tell a Story About Interest Rates and Budget Deficits

A story on All Things Considered last night told listeners:

“In the early ’90s, President Bill Clinton’s administration was troubled by this looming problem. Year after year, both government deficits and interest rates were going up. Here’s one of his top economic advisers, Laura Tyson.

“LAURA TYSON: ‘And then he said, oh, my goodness, if we don’t get a hold of this federal deficit going forward, then those rates will continue upward. That was a very significant concern.'”

That’s actually not wh...