Is the Deficit Narrative Finally Bowing to Reality? Maybe .. a Tiny Bit
[Note: After this post was sent out in the morning Dorf on Law email, I lightly edited the online version, to correct some typos, grammatical errors, and unclear phrasing that had survived the writing process.] -- Posted by Neil H. Buchanan My column today on Verdict discusses a welcome development in the discussion of the government's fiscal situation: the sudden realization that the "debt problem" is not such a problem after all. Specifically, forecasts now show that the debt-to-GDP ratio is going to be falling for several years, and will only return to its current level about a decade from now. That, at the very least, provides breathing room to determine whether the slowing of health care cost inflation is for real, and more generally to try to make that happen. I am not saying that this reality is now widely understood, but it has at least reached the point where political insiders like Tim Geithner admit it out loud. The Center on Budget and Policy Pri