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Deficit Denial

Nov 16, 2010 • Economic Debates, Government, Macroeconomic Measurement, Thinking Economically • 117 Views    No Comments

According to 96% of the participants in a CBS News poll on the deficit, “We really don’t care.” Jobs were #1 and health care #2 with the deficit far behind.

According to Washington Post reporter Ezra Klein, that is why “the elite” and policy wonks are talking about the deficit commission’s initial report but politicians are sidestepping it. He suggests that even tax talk is not about the budget but instead about “class resentments.” He does comment that voters would like to see the deficit decrease “But at the expense of other people, not themselves.”

The Economic Lesson

If you are a “policy wonk” you will enjoy this NY Times interactive budget exercise. Try it and see if you can reduce the deficit enough by 2015

 

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