On Feb 19, 2007, at 2:24 PM, Daniel Davies wrote:
much of the rest of what he says makes sense
And much of the rest of what he says contradicts experience and other evidence. He says the federal deficit is madly out of control on a DPV basis, but for an entity with an indefinite lifespan and immense power to tax, it doesn't make sense to keep the government's books that way. And he claims that GDP growth has been negative for almost every quarter since 2001 (except what looks like 04Q1 on his chart). If that were true, how could employment be up almost 4 million (on the payroll count) or over 8 million (on his favored household measure) since the end of 2000 and governments at every level not be deep into fiscal crises? Doug
