[borism]

Yes, the issues deficit hawks are raising are worth addressing in and out of themselves. But not because of deficits they generate!

What majority fails to understand and minority who understands it is too afraid to acknowledge is that for countries like US or Japan with independent monetary policy deficits truly don't matter. It's just another variable central bank deals with when executing monetary policy algorithm.

US public debt seems unsustainable to you? Go check Japan's debt (in reality it is japanese people savings)!

Japan's real problem is aging population, not its' World record public debt.

P.S. some good reading on WHY deficits don't matter:

http://voices.washingtonpost.com/ezra-klein/2010/05/galbrait...