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The Dwindling Deficit -

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Paul Krugman (MIKE CLARKE/AFP/Getty Images) | Getty File

It’s hard to turn on your TV or read an editorial page these days without encountering someone declaring, with an air of great seriousness, that excessive spending and the resulting budget deficit is our biggest problem. Such declarations are rarely accompanied by any argument about why we should believe this; it’s supposed to be part of what everyone knows.

Read the whole story at The New York Times