We’ve come a long way from the days when the International Monetary Fund so often advised governments to cut their budget deficits that some joked that IMF stood for It’s Mostly Fiscal. A new working paper from three IMF economists underscores just how much things have changed.
Their bottom line: The wisest course for some countries–the U.S. among them–would be to do nothing at all to reduce their debt burdens. “Distorting your economy to deliberately pay down the debt only adds to the burden of the debt, rather than reducing it,” they write.
Yes, you read that right. Amid all the hand-wringing about the size of the U.S. government’s debt, some economists at the IMF are advising: Don’t worry about it…….
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