, Columnist
Budget Deficits Still Matter
The U.S. government has the capacity to take on more debt, but it’s not unlimited.
Not free.
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People from across the political spectrum are challenging a bit of long-held conventional wisdom: that if the U.S. government runs big, sustained budget deficits, its mounting debts will eventually cause grievous harm to the economy.
They have a point — but it is important not to push that point too far.