The deepest markets in the world continue to tell us that paying off the $37 trillion national debt will be the easy part, but budget experts are arguably missing the message. Think the Cato Institute's Adam Michel. He writes for the Civitas Institute that “Deficits matter tremendously. Persistently large annual shortfalls fuel debt accumulation, raise borrowing costs, and risk a sudden fiscal collapse.”
The aim with The Deficit Delusion is to convince Michel and others to reorder their concerns.
The attempted convincing would start with the flashing market signal since 1980 of falling Treasury yields.
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