Posted by: Tom Keene on January 8, 2012
Even if all of these funds were used for spending increases or tax reductions, the debt held by the public was still projected to be paid off, on a net basis, by 2012.
Jeffrey A. Frankel and Peter R. Orszag, American Economic Policy in the 1990s, 1,131 pages, MIT Press, 2002.
Pre-PDF, the glorious 1,000+ pages cited above was and is a most remarkable document of the “window of surplus opportunity” that the late-1990s whispered.
Things have changed.
My acute observation is that for just less-than two decades, smart people have considered certain key years. 2012 is one of them.
Consider Gertaly. Consider oil (it fell off the radar in 2011). Consider peninsular Korea. Consider real American incomes. Consider the unreal fiscal certitude of 1999 or the deafening lack of certitude this non-winter January.
It’s here…2012. Discuss.