I’ve been getting a lot of correspondence lately that runs something like this:
You’re an idiot. Give me one example in all of history of a country that spent its way out of a depressed economy
Ahem. There’s this country — people may not have heard of it — called the United States of America:
The blue line is total debt, public plus private, in billions of dollars; the red line debt as a percentage of GDP
But the axioms say it isn’t possible! How could this ugly facts be true when my beautiful theory says it is false?