Budget deficits in the US have fallen faster over the last four years than in any other four year period since the demilitarization following WW ll. That did not make the issue of deficit reduction less important in the media than high unemployment. Paul Krugman argues that the age of deficit reduction mania may be at an end.
The question in my mind is whether the Democratic Party will wait for the Republicans to determine the next issue that they will have to oppose, or whether they will go the offensive and lead the public in the directions that will restore this country as a moral force in the world.
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