02-07-2012, 01:44 AM
Obviously the debt to GDP ratio is not the only economic indicator of importance. I think it's also important to notice that a substantial part of our federal debt is due to foreign wars and military run-ups that those same Republican congressmen voted for again and again. It does have an effect. But in a serious recession that threatens to become a serious depression, it makes sense to run up federal debt in order to avoid a long run depression. One problem is that it takes a while for this to work, but we may be starting to see some success.