Deficits Saved the World

Jan Hatzius of Goldman Sachs has a new note (no link) responding to claims that government support for the economy is postponing the necessary adjustment. He doesn't think much of that argument; neither do I. But one passage in particular caught my eye:

This article available online at:

http://www.theatlantic.com/business/archive/2009/07/deficits-saved-the-world/21473/