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posted by King Minos

In reply to: 'Fiscal cliff' might become economic wall, economist says at UGA meeting »

December 10, 2012

“It we were to balance the budget tomorrow ... it would be horrendous,” he said.

The real economy, though, is much smaller than the one we currently enjoy. Like a spendthrift with a credit card, American citizens have lived beyond their means for many years and it's why private and public debt levels have skyrocketed. The idea that the country can grow itself out of a debt crisis is a pleasant thought; borrowing more to stimulate consumption and more marginal investments is like gambling the rent and food budgets in the hopes we get lucky.

The worry and anxiety over public and private debts may be the real enemy; bankruptcy, restructuring, and austerity budgets could restore real confidence faster and promote a sustainable recovery.

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