Monday, January 02, 2006

First really good bit of reporting in the NY Times this year

From a January 1 article by Daniel Altman:

"Call it the Altman Curve: the total amount that people will actually lend you rises with the amount you plan to borrow, until you reach a crucial point, after which it falls to zero. The United States is now on the left side of the curve. If Congress keeps cutting taxes by more than it cuts spending, the nation will eventually move to the right side, which, of course, is the wrong side."

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