DEFICIT DICHOTOMY

While Emerson tells us that “intellectual consistency is the hobgoblin of little minds”, what really bugs me is that the trade deficit is perceived as terrible because other nations are somehow ripping us off. However, yawningly large and rising budget deficits that harm our kids/grandkids are SOP. Never has the USA run budget deficits that are 5% of GDP for so long. Not during the Depression, WWII, any recession, or the GFC.