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The reason: deficit projections are falling fast.
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And while the report described the rising cost of Medicare, Medicaid and Social Security as the "main reason" deficits are projected to balloon over time, it also said that "the policy choices of the previous administration contribute a substantial amount" to that growth.
The usual reason deficits are harmful is because government borrowing pushes up interest rates, crowding out investment by the private sector.
The odds of a calm and reasoned deficit debate have never been good.
Referring to the inability so far of Congress to replace the upcoming automatic spending cuts with more reasoned deficit-reduction, Johnson said, "I really wonder what do we elect them for".
And the growing transparency of that agenda is the fourth reason the deficit scolds have lost their clout.
That is the main reason the deficit this year is likely to be £6bn lower than it looked to be four months ago.
The only reason the deficit "supercommittee" failed was because Republicans refused to raise taxes on the rich, and wanted to cut them even below their bargain-basement prices.
There's no reason why deficit reduction should have to mean cuts in public services, however, which could actually weaken the public finances still further, as the experience of the 1980s showed.
Which brings me to the third reason the deficit scolds have lost influence: the contrary doctrine, the claim that we need to practice fiscal austerity even in a depressed economy, has failed decisively in practice.
Torie, for different reasons, also thinks it weak tea for not dealing with the biggest reason for deficit problem, i. e., entitlements.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com