talmon joseph smith
the US govt spends $$ into the economy; it taxes $ back; the residual of what's left is a private sector surplus we call the federal deficit; then to give investors a flexible inflation-hedge to protect the purchasing power of their future $ we issue bonds at Fed+mkt rates ~4% rn
Matías Vernengo
Kenneth Rogoff’s angry reply to a negative @nybooks review revisits a familiar claim that high public debt slows growth. But the 2010 Reinhart-Rogoff result was not a minor slip. It helped legitimize post-crisis austerity and it did not hold up /1
