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Reagan And H.W. Bush Economist: ‘Stop Obsessing About Debt’

Former Reagan and George H.W. Bush administration economic official Bruce Bartlett wrote in the New York Times today, “The right policy can be debated, but the important thing is for policy makers to stop obsessing about debt and focus instead on raising aggregate demand. As Bill Gross of the investment firm Pimco put it recently: ‘While our debt crisis is real and promises to grow to Frankenstein proportions in future years, debt is not the disease — it is a symptom. Lack of aggregate demand or, to put it simply, insufficient consumption and investment is the disease.’”

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