"Mr. Wolf said Mrs. Thatcher was far more concerned about fiscal stability and deficit reduction than lower taxes, and the idea that a debt default “would have been sensible would, to her, have been insane.”"
http://economix.blogs.nytimes.com/2011/07/05/the-legend-of-margaret-thatcher/
Precisely. She called it good housekeeping.
And the idea of good housekeeping was balance over the course of the economic cycle not insane cuts right now.
I happen to think the current economic conditions require borrowing for a while longer. but i also see it as worthwhile to put pressure on budget growth when the economy starts to expand strongly.
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