Here’s the only question we’d like to see asked at tonight’s debate.
Everyone can agree that cutting deficits during a weak recovery would be a disaster.
As we’ve seen in Europe, attempts at austerity have resulted in a massive economic contraction and social unrest.
In the UK, not only has the economy gotten worse, there has been no improvement on the deficit front. In fact, despite the efforts of the Cameron government, Fitch recently warned that the UK’s AAA rating was under threat.
Furthermore, it’s clear that the US’ large debt poses no threat to financial stability. Borrowing costs as seen in the below chart have been falling for decades, even as the national debt has exploded.
The next President is likely to face politicians in the House and Senate demanding immediate spending cuts.
As Americans sit at home and worry about the durability of the recovery, which one of you can promise to the American people that they don’t have to worry about austerity under your watch?
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