>> The debt clock in Manhattan is just a novelty.
is that the clock located next to AMD's wasted energy counter ?
>> Fine, deficits don't matter.
It depends on the context. An economy that has spare capacity can pay back its deficits from added production. The capacity is already there. What is missing currently is consumer demand. Not resources. If any of the folks to whom the US owes money wants immediate payment, the US economy already has the inventory of goods to pay them. They need merely to go to any grocery store, machine shop, real estate office, computer store, car dealership, or whatever, and they are welcome to buy all they can carry or ship back to their desert kingdom. And if they want to be paid for their bonds in dollars, well, the Fed can print plenty of those, too. So where do you see this problem that you think is so obvious ?
This is not the same as an economy that can't produce enough to feed its people, and must borrow to buy food. That economy cannot pay back the debt. If you had a billion Zimbabweian dollars, you cannot go to a car dealership and buy a car with them.
That is the difference. And the folks who don't understand it, ... well, fortunately, they are not making decisions for us this time.
edit. Also, for apologists of previous 8 years policies, deficits run while employment is at full tilt do matter, because there is no way to say, "we'll pay them back from future production". If employment is full, then taxes must pay for government in full. Which is how the Clinton Admin handed over the economy. The mistake of the 05, 06 years was in keeping aggregate taxes low, while the economy was in full production.
It is one thing to decide how to distribute taxes. It is another to pretend taxes can be cut for everyone, and run deficits while in full employment.
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