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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Budget Non-Sequiturs

By Megan McArdle
Nov 24 2009, 4:19 PM ET Comment

Posting about our coming entitlement problem generates some non-sequiturs masquerading as incisive political commentary.

  • Conservatives have "no credibility" on budget deficits because George W. Bush and Ronald Reagan ran big deficits  You are missing a Republican president in the middle:  George H. W. Bush, who bravely enacted a whopping tax hike in order to close the deficit, helping to ensure that he would not be re-elected in 1992; by most metrics, Bush I deserves about as much credit for closing the deficit as Clinton does.  But even if this weren't a highly selective misreading of history, so what?  Are we going to drive our government over a fiscal cliff because George Bush and the Republicans who enabled them were grossly irresponsible, and some of the commentators were hypocrites?  That'll show 'em!!!
  • You can't talk about deficits in regard to health care spending because the Iraq and Afghanistan wars were really expensive.  Item:  wars, and stimulus spending, are the kind of thing that are traditionally done on deficit spending, all the way back to the American revolution.  That's because they're temporary, and it often makes sense to amortize the cost over a number of years.  Item #2: Lumping in Afghanistan, when almost everyone in the country supported that, is pretty silly.  Item #3:  Entitlements are not supposed to be funded on deficit spending, because they're not temporary.  It's the same reason that it's okay to take out some student loans to pay for medical school, and not okay to take out a home equity loan to pay your mortgage.  You can say that we should never have gone into Iraq, and I'll agree; it's entirely possible that we should stop spending money there, and in Afghanistan, ASAP.  But the problem with our entitlements is not their ten year cost; it's that their costs keep growing and growing.
  • The deficit can't be that big, because Iraq and Afghanistan are costing $600 billion and counting  Umm . . . what?  You're comparing a ten year cost to a one year deficit of $700+ billion.
  • Every other industrialized country has a national health care system  Which will fix our structural budget deficit how, exactly?


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