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I mean, you know how bad it is when not even Krugman is buying it

There is no consensus on that, yep you're right.

But, wow, what a surprise!

How could there be when you have roughly half of the Congress that embraces stealing from the wealth creators. Kind of hard to get a consensus on theft when thieves debate victims.

Interesting isn't it how these people who were supposedly "robber barons" were so altruistic. The myth is propogated by public school teachers who were trained primarily in public universities which are populated primarily by people whose understanding of economic history is indistinguishably close to zero.

The question you raise is too broad to answer rationally. Are deficits good or bad? It depends on many things. For one, it depends upon what the money borrowed is spent on. Historically, this nation has borrowed during wars. For example, there was a lot of borrowing during WWII; the war was won, so ex post these deficits appear to have had a positive impact upon the wealth of this nation (few will argue that we would have been better off not to defeat the Nazis).

On the other hand, borrowing to finance bailouts (ostensibly to prevent bankruptcies) only to see bankruptcies occur anyway will be judged by most to have been examples of wasteful deficits.

But the general idea that the government can make decisions that on average create more wealth than the private sector is at odds with the broad sweep of human history and US business history in particular.

If you want a good book that makes this point I recommend: "The Myth of the Robber Barons" by Burton Folson

The super-large deficits now being called for, given the proposed usages of the funds, are not easily confused with the deficits that funded WWII and are quite easily related to those that prolonged Japan's malaise and the Great Depression in the USA.

When in doubt apply Occam's razor:

http://en.wikipedia.org/wiki/Occam%27s_Razor

I think Russ is more nuanced in real life, but could not tell from many of his posts on Cafe Hayek. I just think he's more insightful at EconTalk. My point however is that there is nothing wrong in inspiring raucous comments. And there is not wrong in venting. But then, he and Don should not complain (as they occasionally do) about the tone of these same comments. In many ways, the quality of a blog is the quality of its readers.

Yes, but, as Deirdre McCloskey keeps making clear, SIZE matters. The Reps. we now see are pikers in comparison to the Dems.

That is the Reps. are less bad by an order of magnitude that is not to be glossed over they way that your post might be read.

Again, Deirdre is correct.

It makes this administration appear conservative in comparison to the likes of Rep. Tom DeLay (R-TX) who was reported in the 9/14/05 edition of the Washington Post to have said that there is simply no more fat to be cut from the federal budget.

Uncontrolled power and unbridled spending is one of the truly bipartisan things about national politics.

In a world where some sick people dreamed up socialism long ago, how does one talk about economics, markets, labor, or trade and not talk about politics in the same breath?

It's all politics.

Budget:      $3,400
Prj Deficit: $1,380
Budget Cuts:    $17

* All figures in $1,000,000,000

That tells you everything you need to know without the irrelevant marketing that the word "billions" provides the administration.

:>)

Damn right I'm angry (my liberty is more at risk now than it has been in my 53 years as an American), but I'd be angrier if I did not have a constructive way to channel it. I post frequently here, often with economic insights and references, sometime with sarcasm, sometimes just for fun, sometimes to thank Don and Russ, sometimes to engage disagree with grumpy gappy that this is an "angry mob". On the contrary sir we are patriot. BTW, since you like content, do you know that George Washington's army drank rum in tremendous quantities; thank God they were an angry and "fired up" bunch, don't you agree?

Yes I hope for the same thing that the American people will await from what the public choice people call "rational ignorance" and cast vote that toss the Obama-enablers out of the Congress. It would be a great day for liberty if the likes of Reid and Specter were ousted. BTW, consider my characterization of Arlen:

Specter is to Pennsylvania as Dracula was to Transylvania: A cunning ancient menace seducing the locals and roaming abroad to exploit those beyond his borders of the resources to sustain his crumbling empire.

Voila: Count Arlen (Dracula) Specter

We can only hope that enough Americans are awake to deliver a serious knee-capping to this gang of thieves in the mid-term elections. Otherwise, our goose is cooked. We can't survive four full years of this level of looting and destruction.