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View Diary: Why The Debt Limit Fight Will Be A Political Face-Off With No Gimmicks Or Constitutional Crisis (208 comments)

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  •  Acceptable in the sense of (0+ / 0-)

    Running debt at that level would be a small enough millstone that America could lumber on. But running an ongoing debt at 70% GDP level amounts to a perpetual bankers welfare program. in exchange for - nothing - we ship a trillion dollars to the bankers every year for forever.

    I think that by the term "acceptable" Mr Krugman means is that at the 70% level decision-making need not be done in panic mode. That the nation can take a long-term and pragmatic approach to lowering the overall debt.

    "Long-term in DC" I crack myself up.

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