I preface pretty much all my critiques of Greg Mankiw’s writings with a note on how good he has been to me. Some of my readers find this annoying. Yet, I think its important partially because I am a deep believer in academic civility and in part because making note of that fact is personally meaningful to me.
That having been said, I think Greg’s analysis is a bit off in his recent NYT column but most notably here.
The more we rely on deficit spending to keep the economy afloat, the more we risk the kind of sovereign debt crisis we have witnessed in Greece over the past year. The Standard & Poor’s downgrade of United States debt over the summer is a portent of what could lie ahead. In the long run, we have to pay our debts — or face dire consequences.
To be sure, the bond…
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Utopia, you are standing in it! 
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