On Apr 27, 2009, at 10:13 AM, Politicus E. wrote:
> A reader less charitable than I might interpret your new remarks
> about the
> sustainability of the deficit as a revision of your earlier view,
> which was
> sound. Now, on the other hand, you might be construed as sounding
> like
> Mankiw on Ricardian equivalence.
Um, no. It's one thing to say that stimulus shouldn't be withdrawn too quickly, and another to say you can't keep running deficits of 6-7% of GDP indefnitely. You can't, though maybe Max would think that's ok.
Doug