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The point about the deficit is that you can't look at it in isolation. Public private and external balances always sum to zero. And if the private sector is indebted over the level it can bear neither raising taxes nor cutting spending will get you a balanced government budget.

Nur der Euro bleibt stehen - von Berlin bis Athen - Georg Kreisler
by generic on Sun Aug 14th, 2011 at 10:05:23 AM EST
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