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When Big Deficits Became Good

“The problem now is that there are not enough millionaires and billionaires to make up for the shortfall. And if interest rates rise just a bit, the debt will bury us all — fat cats and thin cats alike.”

Deficitby Victor Davis Hanson

As a senator and presidential candidate, Barack Obama said that he detested budget deficits. In 2006, when the aggregate national debt was almost $8 trillion less than it is today, he blasted George W. Bush’s chronic borrowing and refused to vote for upping the debt ceiling: “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’” Continue reading


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