No, it isn’t an Onion article. It isn’t even the headline of the paper Stan picks up in the opening sequence of an episode of American Dad. It’s actually the headline from the New York Times’ “op-ed” section. Before long maybe we can start expecting headlines that read “poverty is wealth,” “war is peace,” and “freedom is slavery.”
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Believe it or not, many economists argue that the economy needs a sufficient amount of public debt out there to function well. And how much is sufficient? Maybe more than we currently have. That is, there’s a reasonable argument to be made that part of what ails the world economy right now is that governments aren’t deep enough in debt.
I know that may sound crazy. After all, we’ve spent much of the past five or six years in a state of fiscal panic, with all the Very Serious People declaring that we must slash deficits and reduce debt now now now or we’ll turn into Greece, Greece I tell you.