Does the U.S. Really Have a Fiscal Crisis? – NYTimes.com

Another excellent article on the economy and the deficit in the NY Times…

I wish the truth got as much publicity as the lies and misinformation campaigns….

The United States faces some serious medium-term fiscal issues, but by any standard measure it does not face an immediate fiscal crisis. Overly indebted countries typically have a hard time financing themselves when the world becomes riskier — yet turmoil in the Middle East is pushing down the interest rates on United States government debt. We are still seen as a safe haven.

Nonetheless, leading commentators and politicians repeat the line “we’re broke” and argue that there is no alternative to immediate spending cuts at the national and state level.

Which view is correct? And what does this tell us about where our political system is heading?

Our main fiscal issues are three (see my testimony to the Senate Budget Committee earlier this month).

Link to full article:   Does the U.S. Really Have a Fiscal Crisis? – NYTimes.com.