Nobody is making fun of deficit hawks anymore

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The common-sense notion of the U.S. national debt is that we can’t keep running up deficits forever. Typically, people who hold this notion are looked down upon by people like Paul Krugman. Paul would like to think that you are some backward ‘hick’.

To be sure, it could take a long time before we saw bad consequences. But the point is that the U.S. having the dollar as the world…