Paul Krugman and Greg Mankiw spin the data in exactly the same way! If I had the time and inclination I’d produce a photoshoped image of the two hugging. (let’s just hope Mankiw doesn’t post a reply refuting Krugman (and himself) by showing a 'debt is too high' graph).
And glad to see Krugman went one better than Mankiw (they don't hand out them nobel prizes for nuffin) by following my advice:
The econonerd also missed the killer point here: why not compare US Federal debt with Italian public debt? (do I have to do your work for you?)Btw – Krugman is right; the notion that US public debt (current and projected) is 'unsustainable' in any way is frankly ludicrous. It is criminal that US monetary policy is so tight and fiscal policy so restrained, and I find it difficult to understand how people can argue otherwise. Get some inflation and serious spending going, people.
But no time for a serious exposition today, so I'll say more on this soon.