The second presidential debate is coming up this Friday and will focus on economic issues. While you can expect all the usual questions about the budget, jobs, economic growth, health care, etc., I suspect one issue you won’t hear much about is the global economy and its effects on the US economy, both now and into the next four years. In particular, Bush and Kerry need to talk seriously about the so-called ‘twin deficits’ this week: both the $420bn federal budget deficit and the $600bn current account deficit. My guess is that the wonkish argument from the first debate over bilateral versus multilateral talks with North Korea won’t make a reappearance. But I’m telling you now, these deficits will have far more impact on your everyday lives than North Korean nukes ever will. [my emphasis]
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I try to read Brad DeLong and some of the others, and I've learned shit, but the General is the only guy that I can understand the first time through. I could never get my head around economics. That's why Mrs. F handles the money. Before I met her, I spent all my money on beer and pussy.
But one thing I do know is that deficits kill the economy and burden our children and grandchildren with mounting debt. It's time we got somebody in the White House who understands that.