by: Mark Weisbrot, Center for Economic and Policy Research
The American Economic Association's annual meeting is red-letter day for 'the dismal science'. And dismal it proved.
The American Economic Association's annual meetings are a scary sight,
with thousands of economists all gathered in the same place – a
veritable weapon of mass destruction. Chicago was the lucky city for
2012 this past weekend, and I had just finished participating in an
interesting panel on "the economics of regime change", when I stumbled over to see what the big budget experts had to say about "the political economy of the US debt and deficits".
The session was introduced by UC Berkeley economist Alan Auerbach, who put up a graph of the United States' rising debt-to-GDP ratio, and warned of dire consequences if Congress didn't do something about it. Yawn.
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