Washington's Love Affair

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.

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EconoChat captures Tom Keene's thoughts on economics, finance and investment. He is editor-at-large for Bloomberg News and hosts Bloomberg Surveillance and Bloomberg on the Economy on NYC1130, Sirius 129 and XM 130 and Surveillance Midday on Bloomberg Television. His complete interviews are at Tom Keene on Demand. Look for Tom on twitter @tomkeene

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