The White House shares with the Republican right and the corporate
center-right the assumption that we achieve a full economic recovery by
targeting a lower debt ratio by 2023, and that we reduce the debt ratio
by cutting the deficit.
As recent events have shown (in case there was any doubt) this
sequence is backwards. The debt ratio comes down when the economy
recovers. Fiscal contraction slows the recovery, and the loss of public
investment denies the government the very tools it needs to use
education and infrastructure to help rebuild the middle class.
Robert Kuttner, Common Dreams