Commentary
The national debt has risen at a blistering pace over recent decades and is now higher than any era of the nation’s history—even when adjusted for inflation, population growth, and economic growth (GDP).
Denying this reality, Nobel Prize-winning economist Paul Krugman recently wrote two columns for the New York Times in which he claimed that the debt is an “overhyped issue” and “isn’t all that unusual” from a historical perspective. His attempts to support these assertions employ the kind of fraudulent accounting that could land a corporate executive in jail.
Projections v. Realities
Krugman insists that taming the “federal debt should be well down the list” of government “priorities” after “climate change” and “child poverty” because debt projections have become “much less dire” over the past decade or so. In reality, the debt is far higher than projected, and Krugman’s own words prove it….