Memo to fiscal hawks: The long-term deficit doesn't matter

Almost anything would be more important

Protest
(Image credit: (Joe Raedle/Getty Images))

Over the weekend I got in a long argument with some ally of the deficit hawk group Fix the Debt on Twitter, and while most of the conversation turned on who should be blamed for mass unemployment, it did reach an interesting place in one respect. This person took as a given that long-term deficit reduction is a policy priority of the first rank — a belief that is very common among America's elite.

This priority is misguided both in detail and in general. Here's why.

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