Right now, deficit is investment in future

Those concerned with the federal debt should read what noted economist Paul Krugman thinks. On Feb. 5, he wrote, “Running big deficits in the face of the worst economic slump since the 1930s is actually the right thing to do. If anything, deficits should be bigger than they are because government should be doing more to create jobs.” Entire article: http://snipurl.com/ua2tu

In normal times, controlling the deficit is important, but these are not normal economic times. One in five Americans is unemployed or underemployed. One in nine families can't make the minimum payment on its credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. And 120,000 families file for bankruptcy every month. The economic crisis wiped out $5 trillion from pensions and savings.

Free markets are not creating jobs for themselves. There is an essential role for government action.

The American public can understand “deficits are bad” but they can't understand “deficits are not always bad.” Right now, the deficit is not a deficit - it's an investment in our future. It's not a curse on our children, it's a gift to them, creating jobs that will give them the means to pay it back, and more.

Richard Vindante

Coralville