The Big Picture blog tells you everything you need to know about deficit hawks and why there suddenly seems to be a ton of them. Obviously, what's going on in Greece is scaring the living daylights out of everybody. Could the same thing happen in the U.S.? Not very likely anytime soon but it's possible. However, a double-dip recession is a lot more likely and a whole lot scarier. Insisting on cutting the deficit now is the surest way to get just that.
My answer to Barry Ritholtz's rhetorical question:
I can’t tell what motivates these new deficit hawks — are they merely ignorant, unaware of the historical analogs? Or are they hoping for another recession as part of a debased power grab?
would be: yes.
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