Stop Worrying About Budget Deficits

Ten years ago, the United States was clawing its way out of a miserable recession. Washington was running an annual deficit of $1.3 trillion, and the national debt had reached $9 trillion, roughly 60 percent of GDP. Those figures were frightening enough to spur the Obama White House and Congress to create a panel of experts to address the long-term budget and to kick-start several rounds of government austerity, making cuts to the defense budget and a wide range of domestic programs.

Today, the country is clawing its way out of another miserable recession. Washington is running an of $3.1 trillion, and the national debt has $21 trillion, more than 100 percent of GDP. Yet even as some Republicans are beginning to warn of the need for in the coming years, Congress is considering another large stimulus