Economist talking about the economy, busting some myths.
-most of the deficit is not from government spending or the bailouts, James says those account for 10% of the deficit, the rest is from a the huge decrease in tax revenue, this coming from an IMF report.
-The way you fix a deficit is by spending to spur business. Either, like WWII, with government spending, or like the 90' internet boom, with private bank spending. Both time periods saw credit driven economic growth, and there was no public sector cuts.
-"Entitlement cuts, no matter how sever can never result in deficit reduction"