The story of out-of-control debts and deficits is just plain wrong. US deficits have fallen in the past four years

in ,

Dean Baker, at The Guardian writes:

Republicans are delusional about US spending and deficits

Contrary to the widely repeated stories of out-of-control deficits and spending, deficits have plunged in the last four years falling from 10.1% of GDP in 2009 to just 4% of GDP in 2013. The Congressional Budget Office projects the deficit to be just 3.4% of GDP in 2014. The latest projections show the debt-to-GDP ratio falling for the rest of the decade.

The President Surrenders

in ,

Paul Krugman, writing for the New York Times:

In the long run, however, Democrats won’t be the only losers. What Republicans have just gotten away with calls our whole system of government into question. After all, how can American democracy work if whichever party is most prepared to be ruthless, to threaten the nation’s economic security, gets to dictate policy? And the answer is, maybe it can’t. So disappointed in my party.