Budget Deficit Discussion

Greg Mankiw has a fantastic post for fiscal policy wonks. I love how Mankiw can broaden the issue and turn common notions upside down with such ease and aplomb.

I won't comment beyond the fact that I am puzzled at how economics professors of the left now hate budget deficits. As a counter-point to DeLong's hawkishness, I would reference Nobel laureate William Vickery, who argued for massively large deficits.