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What Krugman makes of the one trillion dollar U.S. deficit in 2012 and the alternate view of John Taylor on the U.S. deficit
08/22/2010
Krugman says $1.089 trillion to be exact for the fiscal year ending in Sept. 2012. He gives the 400-450-150 formula to understand what this means in simple terms. The debt would still be stable or declining as a ratio of GDP at $400 billion because of steady GDP growth. He cites the example of the period when debt to GDP declined from 49% to 33% because of steady growth during the Clinton years (1992-2000) even though Clinton started out in 2000 with a deficit. The $450 billion is from lower tax payments because of the 2008 economic crisis followed by recession which would be reversed with restored GDP growth. The $150 billion is from payments such as unemployment insurance, food stamps, to cushion the effects of that crisis and the recession, which would be reversed with restored economic growth.
Grouped Articles
New York Times 09.06.2011
New York Times 09.08.2013
Bush Tax Cuts: Now That's Rich
New York Times 08.22.2010
New York Times 10.10.2010
Strong Dollar Stands in Manufacturing Sector’s Way
Wall Street Journal 03.16.2015
Dollar’s Rise Poses Risk for Fed Plans
Wall Street Journal 01.27.2016
Eight years later, Bill Clinton is causing headaches for his wife again - The Washington Post
Washington Post 02.16.2016
New York Times 12.16.2012
New York Times 01.03.2013
Wall Street Journal 01.05.2013
Washington Post 02.02.2013
Wall Street Journal 04.19.2011
Obama's Permanent Spending Binge
Wall Street Journal 04.22.2011
New Clinton, Trump budget numbers
POLITICO 09.22.2016
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05.01.2017
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