Deficit Deniers

by Don Boudreaux on August 20, 2010

in Cleaned by Capitalism, Complexity & Emergence, Debt and Deficits, Environment, Innovation, The Profit Motive

Here’s a letter to the New York Times:

Highly critical of persons calling for deep cuts in government spending to reduce budget deficits, Paul Krugman describes such budget hawks as members of “strange and savage cults, demanding human sacrifices to appease unseen forces” (“Appeasing the Bond Gods,” August 20).

Funny – that’s exactly how I describe Mr. Krugman and others who call for deep cuts in our standard of living to reduce global warming.  These climate hawks are indeed members of strange and savage cults demanding human sacrifices to appease unseen forces.

One difference, of course, is that we know from actual experience that budget deficits can lead to inflation and other serious economic maladies.  Climate hawks have no such evidence to back their predictions of calamities – a fact that is especially relevant in light of the excellent historical record of free economies to innovate and to overcome countless problems once believed by “experts” to be insurmountable.

Donald J. Boudreaux


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