with interest rates at zero, it's pretty easy to see why debt service doesn't currently amount to much. how great do obama's deficits look if he's dealing with the same interest rates as reagan, bush, clinton, bush jr?
Why would you evaluate policy outcomes by what they would be in different conditions than the ones that they actually exist in? Certainly, the current cost of borrowing ought to be a factor in making fiscal policy decisions.
I mean, would any business make decisions about financing based on what the costs would be in of those decisions in past decades rather than what the costs are reasonably expected to be in the conditions that actually exist?
the difference is trillions.