The New York Times’ recent reporting on the federal deficit is an abject disgrace, writes EricLevitz
The Times, they should be changing. Photo: Gary Hershorn/Getty Images In the years since Donald Trump arrived in the Oval Office — and weeks since COVID-19 arrived on our shores — the New York Times has repeatedly bemoaned the collapse of public trust in objective reporting and professional expertise. And for good reason: to engage in rational deliberation over what should be, partisans must share a rough understanding of what is.
Yet there are more than a few thinkers who reject this binary, along with most of Hulse’s other characterizations of America’s debt situation. Among them: [M]acroeconomists are confronting the reality that the sky did not fall, even as the United States swung from a $236 billion surplus in the 2000 fiscal year to a $779 billion deficit in 2018. By their old theories, high deficits and debt should have caused interest rates and inflation to rise, and government borrowing should have “crowded out” capital from the private sector.
Our reasoning goes like this: Our government cannot run out of dollars because it can print them in unlimited quantities. For this reason, there is nothing inherently unsustainable or dangerous about Congress adding more dollars into the economy through public spending than it withdraws from the economy in taxes. We are not drawing down on a finite sum of dollars that our grandchildren will one day need.
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