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Deficit Had to Get Worse to Start Looking Better

The U.S. budget deficit is plummeting. The Treasury plans to start cutting back on its debt issuance. The deficit scolds have gone underground. Austerity is yesterday’s obsession. The president is exploiting the improved fiscal outlook to push for new spending. All those statements are true. However, the recent improvement in the debt and deficit as a share of the economy does nothing to alleviate the nation’s long-term structural challenges. The what-me-worry crowd needs to listen up. Read more.

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