The national debt is a lighting rod for several purposes, not only economic but also political. Because the numbers of marco-economics are so huge and removed from everyday decision-making, conversations about the debt are like those citing the weather: much discussed, but lived with, and moved on, whatever the climate. Yet there is an effect, an ache in the bones–a job created or a price re-configured–but it is hard to tie it directly to deficit or stimulus spending (or climate change)–except by the forecasters of the political climate, who tout its negatives and sound wary warnings. “No umbrellas” (clear skies!) has become equated to “no jobs” (a gloomy economic forecast!).
The problem is lodged in the nation’s political ecomony, the place where marco-economics ideally merges with social ideas supported by political regulation and government spending–except our economists lack training in the political side, and our politicians are bereft of deep knowledge about the major issues and methods of economics. What replaces geniune debate is dogma and mantras.
Southern Perlo 