without orthodoxy

Edward Harrison:

Of course the US deficits are too large. Come on: 10% deficits as far as the eye can see are unsustainable over the long-term. The key word, however, is long-term.

No one seems to understand the difference between short-term and long-term and the debate has become an ideological free-for-all.

Anyway, the point is that the US economy will not be able to sustain recovery for long without stimulus. The likely result of withdrawing stimulus is a recession that is deeper than the last one, a major depression.

He seeks to explain:

Policy is exogenous and deficits are endogenous.

What that essentially means is that when I think about government, I view it with suspicion and my inclination is to seek to limit its size and scope. That means I have an innate disaffection for big government, deficit spending, money printing, etc. – but not in an ideological way.  It all depends on the circumstances.

HA! You knew that.