The Obama administration says that they underestimated the amount of debt that the U.S. will incur over the next ten years by about $2 trillion dollars. That error is about as much as the federal debt held by the public grew during the second Bush Administration. It is also much less than the numbers others are suggesting.
Paul Krugman says not to worry, that it is "bad but not horrific." Does anyone think he would say the same thing if it were a Republican administration piling up the debt?
Tragedy of the Commons: 50 Years Later
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