So Very Serious
Remind me again why we should be talking about deficit reduction during a time of 9% unemployment? Any tax increase or spending cut would further reduce aggregate demand, crippling any chance of a faster economic recovery. We should not fear the Bond Vigilantes, they are far too busy with Greece and the wreck of a currency union known as the Eurozone. Interest rates and treasury yields remain at historical lows. Investors are not scared of US debt, in fact they are eager to buy more of it at insanely low rates. This is unless the Serious People running the House who drove us into an economic ditch decide to use their newfound driving power to take us over a cliff. The fact that we aren't borrowing huge sums of money and investing it in our derelict infrastructure is almost criminal. But the Very Serious People say we need deficit reduction, so deficit reduction it is.