Deficits: The End of an Obsession

prospect.org — The consensus around debt reduction is beginning to crumble. Some straws in the wind are more careful attention to the actual numbers, as well as public conversions by such key players as Larry Summers and Peter Orszag, two former top aides to President Obama, who only yesterday were key members of the deflate-your-way-to-recovery club. President Obama, in his second inaugural address, had little to say about deficit-reduction as some kind of panacea and more about broadly-shared recovery. Given the continuing obsession with the Republicans and the Fix-the-Debt lobby with deficit cuts, it would be good if President Obama were even stronger on the point that we’ve had all the deficit cutting that we need and that the economy can stand, and that health reform is whole other story. But at least the fiscal debate is starting to move in the right direction, the deficit-hawk echo chamber in the media is no longer mindlessly repeating the Peterson mantra, and that’s good news indeed.

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