Posted by: Tom Keene on July 25, 2011
Sometimes the briefest blog has the greatest payoff. No surprise that Greg Mankiw launches a one-sentence essay that becomes required reading because it captures our debt hysteria.
What to do? Search for readable and smart essays that go beyond our collective Op-Ed (Op-Id?) and advance the apolitical and very political debate. Donald B. Marron (channeling our inner Martin Feldstein) succeeds where many fail by giving us concept and context in a just-the-right-length essay. After an exhausting weekend of “what a world…Asian markets are going to open, and we’re all going to melt-and-or-die!” Marron is a requiredread.
It is difficult sledding as Marron clearly indicates we are all guilty of feeding at the trough and it will require a shared sacrifice to migrate from our “real” 22.6% spending to our smoke-and-mirrors 18.5% spending to GDP.
Thanks to Mankiw. Thanks to Feldstein. Thanks to Marron. A bi-partisan bucket of cold water is in order for Washington’s love affair. Discuss.