Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.
Well, I think what we need to remember is that budget deficits can impede economic activity.
I have young kids. The fiscal burden that will be imposed on them is going to depend primarily on whether we tackle this looming problem in our health care system - with rising costs that don't seem, by the way, to be necessarily associated with higher quality. That is the key burden that they will face.
