February 24, 2009

LORD, GIVE ME BALANCED BUDGETS — BUT NOT YET: Obama pledges to slash deficit — after increase.

Meanwhile, Gregory Clark observes: “President Obama is holding a ‘fiscal responsibility summit’ today to call a halt to the madness. But evidence from the thousand-year history of public debt in England suggests one thing — the madness will only stop when creditors get worried enough about the solvency of the government to stop lending.”

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