Romney Admits Budget Cuts Would Throw Economy Into ‘Recession Or Depression’

[cthulu2016]

7. It is not sustainable forever. True.

That does not, however, mean that there is any short-term or medium-term benefit to reducing the debt.

What addresses the debt best is economic growth. Add some GDP and two things happen simultaneously. Revenues jump (taxable economic activity) and spending decreases (food stamps, unemployment insurance, medicare)

And , paradoxically, the only method we have to increase GDP to try to get a self-sustaining recovery to take hold is to increase the deficit dramatically.

We need more debt now to have any hope of a stable fiscal future.

This drives some folks crazy, but it's true.

The hardest part is having the political will to rasie taxes if/when a recovery takes hold, but we will have to cross that bridge when we come to it.