Budget Deficits Never Bring Countries Down, but Socialism Does

Amid the relative economic stagnation the U.S. experienced after 2008, the common refrain from the Left was that federal budget deficits weren't big enough. Of the belief that government spending is what lifts economies out of slow-growth ruts, Paul Krugman, Lawrence Summers and other neo-Keynesians called for federal borrowing beyond what Treasury took in as a way of allegedly boosting the economy.