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US States don't run budget deficits because they are sub-sovereign entities. The federal government runs a budget deficit for everyone. That's what's missing in the eurozone.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Tue Dec 11th, 2018 at 11:25:28 AM EST
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