At Least We have Transparency in Debt (NewDeal2.0)

FT’s Andrew Scott Says US and Britain BETTER OFF With High Debt

Thursday, 03/4/2010 - 10:14 am by Lynn Parramore | 5 Comments

Which is the real bogeyman? Government deficit or persistent misinformation?

The deficit hawks can squawk. But one thing is clear: government debts are high, and they’re going to stay high for decades to come. As Andrew Scottwrote in the Financial Times:

“Short-term forecasts suggest UK gross government debt will double from 47 per cent of gross domestic product in 2007 to 94 per cent by 2011, while US debt will rise from 62 per cent to 96 per cent.”

That sounds really scary. Apocalyptic, if you’re listening to Pete Peterson. Or is it? Scott goes on:

“This alarmist view is that economics does…

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